Only Flood Insurance Will Cover Your Flood Losses
If an individual relies on a homeowners insurance policy to cover
whatever flood damage occurs, the result will not be favorable to the
property owner. Only flood insurance will cover such losses. Because
flood insurance has a 30-day waiting period, property owners should
not let an imminent flooding force a decision to obtain this insurance.
As the name implies, a standard flood insurance policy, which is made
available by the National Floor Insurance Program, provides coverage
up to the policy limit for damage caused by flood. The dictionary
defines "flood" as a rising and overflowing of a body of
water onto normally dry land. For insurance purposes, the word
"rising" in this definition is the key to distinguishing
flood damage from water damage. Also important to note is that
flooding must be general and temporary, and it must affect more than
just one property.
Flood damage to your home can be insured only with a flood insurance policy -- no other insurance will cover flood damage. Flood insurance is available through your insurance professional. To determine if your home is located in a flood plain, contact your county planning office. If you are living in a flood plain, flood insurance may be an excellent purchase.
A homeowners insurance policy does not provide coverage for flood damage, but it does provide coverage for many types of water damage to your home. Just the opposite from flood damage, for insurance purposes, water damage is considered to occur when water damages your home before the water comes in contact with the ground. A few examples of water damage may include:
Even if your homeowners insurance policy doesn't cover the water or
flood damage you've experienced, losses from theft, fire or explosion
resulting from that damage are covered. For example, if a nearby
creek overflows and floods your home, and looters steal some of your
possessions after you've evacuated the house, the theft would be
covered by your homeowners insurance. However, the flood damage would
be covered only if you have flood insurance.
For more information indexing and rates on flood insurance click here and complete our consumer profile form and contact a life insurance specialist in your area.
Copyright © 1999 - 2005 Diversified Insurance Services / InsBuyer.com™