Flood Insurance And Homeowners Insurance: A Look At Common Faqs
One of the biggest assumptions about homeowner's insurance is that flood insurance is always included as a regular part of a policy. However, this is not the case and all, and too many homeowners only discover this as a fact when they try to file a claim because of flood damage. The truth is, flood insurance is most often not included as part of a regular policy, which can create some questions. Here are a few of the most common questions about flood and homeowner's insurance policies and the answers you should know.
Why do insurers not offer flood insurance to homeowners?
There is a very good reason why most insurance companies don't include flood coverage as part of the traditional home insurance policy, and that is that it's simply not necessary for most homeowners to have. If the flood coverage was included under the umbrella policy that covers most other problems, it would essentially mean you would be paying that additional cost for the premium whether you needed it or not. Because flood coverage can be more expensive, it would drive up the cost of a policy even though it may not be necessary.
What do you do if you need flood insurance?
If your homeowner's insurance policy does not offer the option to tack on flood insurance, your insurance agent can help you find an outside coverage option. It is never wise to be without flood insurance if it is necessary, but it is also important that you don't just go out and buy flood insurance because you think you need it. Talk to an insurance agent who is familiar with the area where you live and have your home and property evaluated for flood risks before buying a policy.
If your home is damaged by flooding as a result of something else, is it covered?
This will, of course, depend on the type of homeowner's insurance policy you have. However, most of the time, the insurance company will look at the root cause or root event that created the initial problem. Therefore, if your home is damaged by floodwaters but the floodwaters were only present because of a hurricane, you will probably be covered. There are, however, some companies who have different ways of handling these situations of multiple-factor damages. It is always best to carefully get familiar with your policy and talk openly with an agent about your concerns.
Visit a site like http://www.statefundhomeinsurance.com for more help.
Share