What does flood insurance cover?

Most home insurance policies do not cover flood damage, which can cost homeowners a lot of money if their property is damaged by flood water.

Consumers who do not have flood insurance have the option of purchasing flood insurance to protect their home from flooding.

Here’s what you need to know about flood insurance.

What is flood insurance?

Flood insurance helps cover physical damage to a resident’s home and personal belongings due to flooding or related losses due to rising water levels. According to Allstateconsumers can purchase a policy online from Beyond Floods through National General, a statewide company, or they can purchase a policy online through the government-run National Flood Insurance Program (NFIP).

What does flood insurance cover?

According to Floodsmart.gov, the official website of the U.S. Department of Homeland Security, in the event of a flood, the National Flood Insurance Program (NFIP) policy covers direct physical losses to structures and property.

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The NFIP offers two types of insurance – building coverage and contents coverage – to protect your home and property. Here are examples of what NFIP flood insurance covers:

• Electrical, water and sewage installations
• Furnaces and water heaters
• Refrigerators, cookers and built-in appliances such as dishwashers
• Permanently installed carpet
• Permanently installed cabinets, wainscoting and shelves
• Window blinds
• Foundation walls, anchor systems and staircases.
• Detached garages
• Fuel tanks, water tanks and pumps, and solar equipment

What isn’t flood insurance covered?

Flood insurance covers losses directly caused by flooding. According to Floodsmart.gova flood is an excess of water on land that is usually dry, affecting two or more acres of land or two or more properties.

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For example, damage caused by sewer backups is covered if the backfill is a direct result of flooding. If sewage backup is not caused directly by the floodthe damage is not covered by insurance.

Here are some examples of items that are not covered by building or contents insurance:

• Temporary housing and additional living costs incurred while the building is being renovated or uninhabitable.
• Property outside the insured building. For example, landscaping, wells, septic tanks, decks and patios, fences, seawalls, hot tubs and swimming pools.
• Financial losses due to business interruption.
• Currency, precious metals, stock certificates and other valuable securities.
• Cars and most self-propelled vehicles, including their parts.
• Personal items stored in basements.

Is storm surge covered by flood insurance?

Some The NFIP policy covers damages caused by water entering the house from the ground due to a storm, heavy rainfall, or the overflow of a body of water such as a lake or river. According to FEMA.gov, a storm surge occurs when a large amount of water accumulates during a hurricane and reaches the shore.

How much does flood insurance cost?

U.S. homeowners pay an average of $800 a year for flood insurance through the National Flood Insurance Program (NFIP), but prices will likely change if you choose to use a private insurer, data shows Bankrate.com.

Flood insurance costs vary depending on where you live. Bankrate provides a breakdown of flood insurance costs by state, based on rates obtained from FEMA.

How do I file a flood insurance claim?

Flood insurance claims can be made in the following ways:

Notify your insurer to start the claims process-After a flood, contact your agent or insurance company to file a claim. Make sure you have the following information on hand:

• The name of your insurance company
• Your policy number
• Telephone and/or e-mail address where you are always available

The liquidator should contact you within a few days of submitting your application. If you do not hear from the adjuster, you can contact your insurance agent or insurance company again.

Document the damage– It is important for claimants to separate damaged and undamaged property in their homes. According to FEMAthe appraiser will need evidence of damage to your home and property to prepare a repair estimate.

• Take photos of all damaged property, including thrown items, structural damage, and standing flood water levels.
• Make a list of damaged or lost items and, if possible, include the date of purchase, value and receipts.
• Officials may require that damaged items be removed, so place flooded items outside your home if possible.

Complete your proof of loss to support your claim

According to FEMA, an adjuster will help you prepare a proof of loss (which is a sworn statement of the amount you are claiming, along with necessary supporting documentation) for your official claim for damages.