These are the three most frequently asked questions about flood insurance asked to our Heritage Insurance Agents.
Does my homeowners insurance cover a flood?
No, typically homeowners insurance does not cover damage in the event of a flood.
Why do I need flood insurance, even though my community has never been flooded?
Flooding occurs in moderate to low risk areas as well as in high-risk areas. Poor drainage systems, rapid accumulation of rainfall, snowmelt, and broken water mains can all result in flood. Properties on a hillside can be damaged by mudflow, a covered peril under the Standard Flood Insurance Policy. In high-risk areas, there is at least a 1 in 4 chance of flooding during a 30-year mortgage. For these reasons, flood insurance is required by law for buildings in high-risk flood areas as a condition of receiving a mortgage from a federally regulated or insured lender.
Will damage-preventing measures I've taken be reimbursed by my Flood Insurance Policy?
Some will be. When your insured home is in eminent danger of being flooded, you may receive up to a $1,000 reimbursement for your damage-preventing expenses. Things like renting storage space to protect your belongings, buying sandbags and lumber to make a barricade, and renting pumps are all things that qualify for reimbursement. No deductible is applied to this coverage.
