Does your homeowners insurance cover floods?

Discussion in Home & Property Insurance started by bonniea • Sep 30, 2013.

  1. bonniea

    bonnieaMember

    Joined:
    Sep 21, 2013
    Threads:
    6
    Messages:
    35
    Likes Received:
    0
    Recently I have seen ads saying that homeowners does not cover flood insurance and trying to sell you a separate flood policy. I am waiting on a copy of my full policy so I can read through it. I wonder if it is cheaper to add a flood policy with my existing company or to go with a company that specializes in flood insurance. Also when should we have flood insurance? Is it really necessary?
     
  2. Denis Hard

    Denis HardWell-Known Member

    Joined:
    Sep 22, 2013
    Threads:
    991
    Messages:
    4,335
    Likes Received:
    789
    It all depends on where you live. If it's on flat-lands where drainage is not great or by a river which could overflow it's banks anytime, then it would be advisable to get a flood policy so that in case the worst happens. . .

    Of course you'd approach this as you would when you want any insurance cover. You have to take into account the pricing of the flood policy from different companies, their reputation, how their customer service is rated and so on and choose the best.
     
  3. dissn_it

    dissn_itActive Member

    Joined:
    Mar 29, 2012
    Threads:
    29
    Messages:
    985
    Likes Received:
    8
    Most homeowner's insurance policies do not cover floods, especially if you live in a flood zone. As you read your policy, write down any questions you may have and then call your agent. Your agent should be able to tell you if you do live in a flood zone or not and what your options are. You can get a few quotes but have your agent give you one as well. They may be able to get you some discounts that the others can't. Keep in mind that flood insurance will not cover water damage as a result of leaking pipes or a broken water line in your home. That type of damage should be covered under your homeowner's policy. Flood insurance only covers water damage from an actual flood. If you do not live in a flood zone, it is really not necessary to have flood insurance.
     
  4. iagirl

    iagirlMember

    Joined:
    Sep 26, 2013
    Threads:
    2
    Messages:
    29
    Likes Received:
    1
    Most insurance companies don't cover floods as said above. Some do cover water backup of sewers & drains. Typically it is a coverage you have to request. Any water that comes in from the windows, walls or doors of a basement is considered flood and does require flood insurance in many cases. The water backup coverage is great if you have a sump pump in your basement because if it fails the water damage is covered because it came thru a sewer or drain.
     
  5. Sugarhill

    SugarhillActive Member

    Joined:
    May 14, 2012
    Threads:
    27
    Messages:
    700
    Likes Received:
    9
    I just want to say as a former claims adjuster, you will not find a policy without a lot of riders to cover flooding, so yes, read it over, but also plan to get the riders and a separate plan for flood insurance.
     
  6. Mayvin

    MayvinActive Member

    Joined:
    Jun 11, 2013
    Threads:
    142
    Messages:
    664
    Likes Received:
    10
    Mine doesn't and I wonder why typically homeowners insurance doesn't cover flood insurance? Probably because if you do you have a flood it can be expensive to repair so most insurance companies don't want to be bothered. Luckily I never have had a flood though I am in an area that has issues with flooding. I guess I need to be getting flood insurance lol.
     
  7. deansaliba

    deansalibaActive Member

    Joined:
    Nov 7, 2012
    Threads:
    5
    Messages:
    816
    Likes Received:
    29
    We don't have any and we have just been invaded by a flood! Our flat is rented from the local council and the flat above us is private rented through an agency, recently they had a burst pipe in their boiler cupboard that has leaded through and completely ruined the ceilings and walls in three of our rooms and because the flat above us is not council owned there is nothing the council can do for us, so our only option is to pay for the repairs ourselves, chalk it down to experience and get some insurance so it doesn't happen again. :(
     
  8. Annabell

    AnnabellActive Member

    Joined:
    Apr 14, 2014
    Threads:
    1
    Messages:
    163
    Likes Received:
    3
    It very much depends on your individual contract. Some insurance companies will include it as standard, while others will include it only if asked for, or even as a paid addition. Which is a bit of a cop out if you ask me. I'd always advise checking the contract so you see exactly what is and what isn't covered before you agree to sign anything, just in case. Thankfully mine does cover this, although we've never had to call upon it.
     
  9. stacyje

    stacyjeActive Member

    Joined:
    Dec 15, 2013
    Threads:
    11
    Messages:
    366
    Likes Received:
    9
    My home owner insurance does cover flood it just started, I think that it just depends on the insurance company alot of them dont like to cover floods. I think that its sad but they do try to make you take an whole another policy out from the one you have which can be very expensive. So I suggest doing some research because this is what I had to do before my company combined mines to one.
     
  10. Rhoda D'ettore

    Rhoda D'ettoreMember

    Joined:
    Oct 23, 2014
    Threads:
    41
    Messages:
    99
    Likes Received:
    4
    I live in New Jersey, USA. I have lived in a flood zone my entire life, and only twice ever was flooded. Originally, insurance companies were the carries and the flood portion covered the structure---carpets, building walls, appliances--- and the homeowners portion would cover the personal belongings. In 2011, that all changed. FEMA now underwrites all flood policies (at this in NJ). Although I write my checks to State Farm, the policy itself is with FEMA. When they did that, the rules changed. If you do no have personal belongings listed on your flood policy, then none of that is covered. Of course, this changed in 2011, and my hubby just tossed the paperwork aside without reading it. So when hurricane Irene hit and destroyed the house, I received payment for the structure through the insurance policy but nothing for the belongings. Also, what I found ridiculous was that I was trapped within the limited of my policy (My policy limit was $150,000-- I only received $95,000 because they guessed the value of the house), but those who did not have flood insurance were compensated more than I was!

    Also, some people rely on FEMA to take care of things. That is not going to happen. FEMA put us through all kinds of hoops, and gave us an "emergency fund" of $1800 which is equivalent to two months rent here. After that, they approved us for a rebuilding loan, but the paperwork was so long and the permits so ridiculous that after two years, they told me the time limit expired. The state and the county were arguing all that time about zoning and permits. In addition, the loan they offered was the same low rate as normal banks. It is three year later, and the property is now empty since the house was knocked down. The insurance money paid off the mortgage and provided very little more than that.
     
  11. Misslisa

    MisslisaMember

    Joined:
    Dec 12, 2014
    Threads:
    2
    Messages:
    47
    Likes Received:
    1
    Most homeowners insurance don't want to cover floods, especially if you live in a flood zone!
     
  12. Mockingbird

    MockingbirdActive Member

    Joined:
    Dec 6, 2014
    Threads:
    24
    Messages:
    149
    Likes Received:
    19
    My homeowners insurance offers limited flood protection. the water has to be the result of a sewer back up. For example if the sewer line is blocked, either in my portion or the towns, or if the lines are overwhelmed and water flows in through the sewer. What is not covered is if water runs in via the foundation, under the door or anything like that. I need separate flood insurance for that. I know there is a limit on how far away it can be from the pipe.

    Back in 2004 we caught the tail end of Hurricane Ivan, I had my possessions in storage unit, which was covered by my insurance including the sewer backup. Well the increased rains made the sewers in the storage facility back up. The insurance company refused to cover the loss because the grate to the sewer was located outside the unit. I lost pretty much everything.