Your homeowners and renters policy do NOT cover flood expenses.
According to FloodSmart.gov, “Anywhere it rains, it can flood. A flood is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow. Many conditions can result in a flood: hurricanes , overtopped levees, outdated or clogged drainage systems and rapid accumulation of rainfall.”
“Just because you haven’t experienced a flood in the past, doesn’t mean you won’t in the future. Flood risk isn’t just based on history, it’s also based on a number of factors: rainfall, river-flow and tidal-surge data, topography, flood-control measures, and changes due to building and development.1″
Why Should You Purchase Flood Insurance?
Did you know that approximately 25 percent of flood insurance claims come from low-risk areas? Your homeowners and renters policy can cover water back-up damage caused by sump failures and drains, but not flood damage. A Flood Insurance policy is a separate policy whose coverage depends on several factors, most importantly, your Flood Zone rating.
A standard 30-day waiting period is typical before flood insurance coverage goes into effect. However, this coverage can be put in place immediately upon closing on the sale of or re-financing a property. If the Flood Insurance Rate Map (FIRM) changes, policies purchased during the 13-month period after the new FIRM’s effective date are subject only to a one day waiting period.
Find out how HomeServices Insurance Maryland can help determine your flood risk, the best protection plan for your property and personal belongings, and find you the perfect flood insurance policy.
Should You Consider Purchasing Water Back-Up Insurance?
Even if your home is not in the path of rising flood waters, your property may still be at risk of damage. If you have overflows or backups from your sump pump, sewer system or drains, your standard policy may not cover the damage. Most homeowners’ policies offer limited or no coverage for sewer or drain or sum pump overflow back-up. In order to protect a home and property from sewer back-ups or sump pump failures, homeowners must purchase a separate endorsement. This endorsement covers drains, discharges, sump pumps, and toilets. Basically any place where excess water can “backup” into your home.
Contact us at 800.277.0013 to determine whether the Water Backup and Sump Overflow Coverage endorsement is right for you.