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Everything You Need to Know About Using Flood Insurance with Flood Damage

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Rocky Mountain Restoration Team

Homeowners carry coverage for their properties. Often the homeowner is well aware of what’s covered in their policies shortly after signing up. As time passes, homeowners continue to pay their premiums without reviewing their coverage, periodically. Unfortunately, only when a major natural disaster strikes, are homeowners forced to take a closer look at their homeowner policies. What does flood insurance actually cover?

What does flood insurance cover?

The policy is designed to cover the costs of rebuilding a property if it is necessary after the incident. Water damage that may have affected multiple systems in the home, such as the electrical or Phoenix plumbing, are generally covered under such a policy. Major appliances are covered if they’ve sustained water damage if flooding happens. Most policies will cover HVAC equipment, window AC units, refrigerators, dishwashers and water heaters if damaged. Anything that is permanently installed will likely be covered by the policy. Shelving, cabinetry and paneling are all covered in a flood coverage policy. However, you will still need an appliance repair company.

What won’t flood insurance cover?

Flood insurance may not cover mold or mildew if the damage could have been avoided had the homeowner taken the necessary precautions. Any damage that results from rising waters from a lake, stream, river or large body of water won’t be covered by the traditional homeowner policy. Collectibles and valuables may not be covered under such a policy. Depending on your policy, you may not be compensated for temporary lodging if necessary. If the homeowner happens to run a business from home, they won’t be able to recoup the costs for not being able to conduct business as usual. A detached garage is treated differently under a flood policy. Only 10 percent of the flood coverage can be applied toward repairing the garage.

Is insurance for flood coverage affordable?

Flood insurance policies tend to be costly if you reside in a high-risk area. Since Arizona live in a low or moderate risk area, coverage is that much more affordable for homeowners. If you weren’t required to purchase flood coverage when you initially purchased the property, then you probably can obtain affordable flood coverage.

According to research, only 12 percent of homeowners actually carry flood coverage. Although it is affordable, most homeowners mistakenly believe that they have more coverage than they actually have. This puts them in a vulnerable position in the wake of a natural disaster. Reviewing your policy with an agent guarantees your preparedness when a disaster happens.

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