Does My Normal Home Insurance Policy Cover Floods?
This is a question we get often, and the answer is NO! Your normal home insurance policy does not cover you for flood losses. This scares a few people and they instantly ask “well, what if some pipes burst in my house and there is water everywhere? That’s not covered?”.
What Is A Flood?
To understand what it means to not have flood insurance you first must understand what insurance companies classify as a flood. A flood is not pipes bursting in your home and water going everywhere. A flood is not your bathtub or toilet overflowing. A flood is SURFACE water coming into your home. For example, it rains for days and days, the streets begin to flood, the water level rises so much that it eventually reaches your front door and then comes into your home. This would be considered a flood loss and would NOT be covered under your normal home insurance policy in Arizona or any other state. To have this type of home insurance loss covered, you would need to purchase flood insurance.
How Do I Buy Flood Insurance?
You can purchase flood insurance through a normal insurance broker, just like Safe Street Insurance. Most brokers have the option to go through the federal flood insurance program, NFIP or they can access a number of private flood insurance programs. Some lenders may try to require you to go through the government’s program in order to satisfy the loan requirements on your mortgage loan. It’s important to contact a broker who is competent and well versed in flood insurance so that they can make sure you have the right policy and the most affordable policy available.
Do I Need Flood Insurance?
There are two answers to this: First, if you are in a flood zone, which is pre-determined by the government, then your mortgage company will require that you have flood insurance, no way around it. Even if you don’t think you need it or want it, your mortgage company will require you to purchase flood insurance, just as they require you to purchase normal home insurance coverage. If you are not in a flood zone and still want to purchase flood insurance, you can do so. If you’re in a low elevated area, have a basement, live in an area that gets lots of rains of flash floods, etc, then you should consider purchasing a flood insurance policy.
If you’d like to find out if you need flood insurance or are in a flood zone or just have general questions, please give us a call at Safe Street Insurance. We can help with this and any other type of insurance needs you have. 480-240-4687.