Flood insurance is a special type of coverage for your property that specifically relates to damage from rising water. This is a perilous event that is often caused by a bad storm, but it can also be caused by a serious plumbing issue. Some homeowners assume that this type of water damage event is included as basic coverage for their property, but this is not the case. You typically must specifically request flood coverage in order to ensure that you have this type of insurance protection.
Many homeowners wonder if they need flood insurance. Be aware that any home can flood at any time. There is no home that is immune from this type of damage. However, some homes may be more susceptible to this type of issue than others. For example, if your home is located in a high-risk flood plain, there is a greater likelihood that it could flood because of natural weather events. Typically, a flood plain is a low-lying area, and it is often located close to a body of water. This body of water could be as small as a creek or pond. If your home is located in a high-risk flood plain, your property lender may require you to obtain this type of coverage and to maintain it as long as the mortgage is on the property. If you do not have this requirement, you have the option to choose to add it or not.
Before you buy flood coverage for your home, you should be aware of what it covers. It typically provides benefits for all water-related issues that develop from any number of water events. For example, it may be used to pay to drain water from the home and to dry it out thoroughly. It may also be used to pay for repairs related to water damage. In some cases, it specifically excludes mold growth issues. Remember that water issues may need to be addressed within a matter of hours to prevent mold from growing. If you need to file a water damage claim against your flood coverage, remember to act as quickly as possible.