With April showers upon us and the summer storm season ahead, now is a good time to consider purchasing flood insurance coverage for your home or business. IA&B has the answers to the most commonly asked questions about flood insurance.
Will my standard homeowners or business policy provide coverage for flood damage?
No. Neither standard homeowners, nor commercial, nor renters/condominium policies provide coverage for water damage due to flood.
What is flood insurance?
In simple terms, flood insurance covers direct physical losses caused by floods, flood-related erosion, severe rainstorms, flash floods, and snow melt. Flood insurance is offered under a federal government program known as the National Flood Insurance Program.
If flood insurance is offered under a federal program, can I still purchase it through an insurance agent?
Yes, you can purchase it directly through an agent the same way you purchase home, life, or auto insurance.
What coverages are included under a standard flood insurance policy?
There are two aspects of flood insurance coverage: building property and personal property.
Building property coverage protects the structure itself, and generally covers:
- the building and foundation
- electrical and plumbing systems
- HVAC and water heaters
- major kitchen appliances
- carpeting, paneling, cabinets and installed bookcases
- detached buildings
- debris removal
Personal property coverage generally covers:
- personal belongings (clothing, furniture, electrical equipment)
- portable and window air conditioners
- washers and dryers
- window treatments
- some valuable items
I’ve heard the price of flood insurance can vary widely. Is this true?
No. Flood insurance rates are determined and set by the federal government, so price shopping and comparison are unnecessary.
My home isn’t located in a high risk flood zone. Why would I need flood insurance?
Flooding can affect you even if you don’t live near water. Approximately 25% of flood claims come from low- to moderate-risk areas. If you are located in such an area, you may be eligible for a lower cost Preferred Risk policy.
Can I purchase flood insurance immediately before a flood occurs, or when it is occurring?
Normally, there is a 30-day waiting period before a flood policy becomes effective. There are some exceptions.
If you have other questions or are interested in purchasing flood insurance, contact Debbie Riegner. Debbie is available by phone (610-489-6911 ex.2) 10am-7pm Monday-Friday.