Who Needs Flood Insurance? Everyone!

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Here is why you need flood insurance even if you don’t live in a flood zone.

This question has never been more pressing as many residents whose homes were flooded because of the recent storms are wondering how to protect themselves in the future.

At Rand Insurance, we stress the importance of getting a flood policy for your home or business as soon as possible whether you are in a flood zone or not.

Flood insurance covers water damage that results from water that has already hit the ground, pouring in from oversaturated yards, flooded streets, or overflowing rivers, streams, or ponds. Meanwhile, water backup coverage reimburses the homeowner for water that backs into the home through an outside sewer or drain.

Standard homeowner’s insurance does not cover flooding, so it is a good idea to get a flood policy that covers the replacement cost of your home or the actual cash value of damages up to the policy limit.

It is important to note that by having a flood policy, the amount paid on contents will cover only actual losses caused by a weather-related flood, not a broken water pipe for example.

Another feature to know is that it takes 30 days for your flood policy to go into effect – so plan ahead. However, if you are closing on a home and your mortgage company requires you to have flood insurance, it would go into effect on the day of closing.

Call Rand Insurance and we will provide you with more information and guidance on flood insurance.

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