Suppose you were to go on vacation and return to find your home had been flooded. Do you think your homeowner’s insurance would cover the damages? It might, and it might not. It depends on how the water entered your house.
When Home Insurance Covers You
If you have homeowners insurance that covers water damage, it will only do so if the source of the water comes from a sudden, unexpected event like a burst pipe or a rainstorm. If the water enters your home due to a reason that could have been avoided, your policy may not cover you. Most avoidable situations are simply a matter of maintenance. Make sure you clear your gutters regularly, maintain the roof of your home and watch for condensation build up. If you notice condensation buildup, it probably means that the area is poorly ventilated.
When Flood Insurance Covers You
Should your home suffer water damage as a result of flooding, your homeowners insurance policy won’t cover it. For the purpose of insurance, a flood is defined as the rising and overflowing of a body of water onto normally dry land. To protect yourself from flood damage, you need a separate flood insurance policy to supplement your homeowners insurance.
It’s possible for both homeowners and renters to buy flood insurance, and the cost will vary depending on a few different factors – not the least of which is the home’s risk. If you live in an area nearer a body of water that’s prone to flooding, you’re probably going to pay more for your flood insurance.
Flood insurance can be purchased anytime, it doesn’t need to happen when you buy homeowners insurance or renters insurance. Once you buy a flood insurance policy, it will take effect 30 days after the purchase date.