Does your home insurance cover flood damage?

April 6, 2017

 

The short answer is no. Standard homeowner’s and renter's insurance do not cover flood damage. Flood coverage is only available through a separate insurance policy.  The rates for flood insurance are the same among the various insurance carriers as they are all protected by the National Flood Insurance Program.

*Image provided by a Selby Insurance & Financial client during a recent storm in Jonesboro*

 

There is a common misconception that you have to live in a flood zone to be able to buy flood insurance. The fact is, everyone lives in a flood zone. You either live in a preferred flood zone or a non-preferred flood zone. 

 

If your home is in a non-preferred flood zone, your mortgage company most likely mandated that you purchase flood insurance. However, since all homes are in a flood zone, all homeowners and tenants can buy a flood policy.

 

You cannot time purchasing a flood insurance policy with the weather forecast. If you are not mandated by your mortgage company to purchase flood insurance, there is a 30-day waiting period before the coverage takes effect. If a major storm is coming, it is too late to buy flood insurance.  To be covered the policy has to be in force 30-days before a flood event.

 

If you have questions regarding this information, please do not hesitate to contact us at (870) 336-2121.  

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