A flood insurance policy is separate from a homeowners insurance policy. A homeowners insurance policy does NOT cover flooding. There are many perils it does cover, but flood is not one of them.
Spring is normally a time of year when we have a lot of rain and high water events, including runoff from snow melt. Here are 3 tips to help you decide if you need a flood insurance policy.
1. Plan Ahead: At Least 30 Days
Flood insurance coverage does not begin immediately. There’s a 30-day wait period. If your property is in a flood zone, it is 30 days from when you apply for a policy until your coverage goes into effect.
The intent of the 30 days is to evaluate the weather systems that could possibly blow through your area. It’s to avoid people buying a policy just for a specific upcoming weather event.
Flood insurance is not available for tomorrow. You can’t see a storm brewing, call and get coverage tomorrow. You need to think further ahead.
Keep in mind, weather can be unpredictable.
2. Find Out if You’re in a Flood Zone
There was a new flood zone map determined by the government in 2017. Take a look at the updated flood zone map for your area to find out what has changed. Your property could be closer to or even in a flood zone when it wasn’t before.
How do you know if you’re in a flood zone? FEMA offers an online Flood Map Service Center with an interactive flood map.
You could also call Rockbridge County, Virginia Administration at 540-463-4361 to find out more.
3. Weigh the Costs of Flood Insurance
It is in your best interest to know if you’re in a flood zone, and look at the location of your property to determine if flood waters could hit your home.
Water damage is expensive to repair. Only 1 inch of water in your home can cost about $20,000 worth of damage. In my case, in my home, it was over $100,000.
Think about having to repair $20,000 of water damage without the help of an insurance policy.
Please look at your property and look at your house. Use your imagination to see if a flood could affect you. Then weigh the cost of a flood insurance policy with the cost of repairing water damage to your home without it.
Contact us to find out more about flood insurance.