Does Homeowners Insurance Cover Flooding?

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Know what your homeowners insurance policy covers in Oakley, CA.

The biggest misconception about a homeowners insurance policy is that it covers the damage caused by floods. Typical homeowners insurance does not cover flood damage, and this can be a costly lesson to learn. Flood damage can not only destroy your personal belongings, but it can ruin the infrastructure of the home, causing it to become destitute.

Water Coverage
In the event of a pipe burst in the cellar, or some other household failure, your homeowners insurance may cover your flooded basement damage. For storm-related flooding damage, you will need flood insurance. It is important to note that most policies must be in place for at least 30 days to be in effect, so a last-minute purchase when you hear about flooding potential will be too late.

Risk
When determining if you should acquire flood insurance, you must asses your risk of floods. While you may think you are safe in California, in the past five years, all 50 states have experiences floods or flash floods. If you’re not convinced, check out these statistics:

  • Your home has a 26 percent chance of being damaged by a flood during the course of a 30-year mortgage, compared to 9 percent chance of fire.
  • From 2010 to 2014, the average flood claim was $42,000.
  • Homes located outside of a high-risk flood area still file over 20 percent of all National Flood Insurance Program flood insurance claims.

California is susceptible to floods, storms, and extreme weather which can cause flooding and devastate homes and towns. Flood insurance is designed to aid you in the process and expense of repairing your home and life.

A flood insurance policy does not have to break the bank. You can receive adequate coverage with a suitable policy to suit your home and risk. Contact Agers Insurance Services in Oakley, California for a quote today.