Does your home insurance cover flood damage?
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.