3 Insurance Coverages that Do NOT cover floods and 3 that do

Flood Damage Insurance

Many people think that their current insurance policy covers flood damage. To make sure your home and belongings are insured against such damage, a separate policy must be purchased. Many people believe the common misconception of having coverage from  floods with the following types of disaster insurance:

– Homeowner’s
– Renter’s
– Auto

Why Do You Need Flood Insurance?

Up to 25% of flood damage claims averaging around $45,000 each year are actually in areas that are not included in the high risk flood zones. It is not a good idea to wait, either, since there is usually an initial waiting period of around 30 days before the disaster insurance benefits go into effect. Also keep in mind that less than 50% of those that try to apply for Federal Disaster Assistance are actually awarded this type of assistance.


What is Covered?

There are three types of flood insurance coverage that are available, and depending on the policy you choose, there are limits to the policy that you need to know. These are:

Building Coverage – this covers the actual structure of your home or office
Contents Coverage – this covers the items within your home such as clothing, furniture, and even the grill outside
Replacement Coverage – this is only to help reimburse the cost of replacing your home in its entirety


So, Who Does Provide?

If you already have a homeowner’s insurance policy through a specific insurance company, they may offer an additional flood damage coverage policy that can be added on. Three popular insurance companies that offer such policies are:

– Allstate
– Geico

How do I Know Which One is the Right One?

At Walterry Insurance Brokers, they are ready to answer any questions you may have. As an insurance brokerage, their goal is to work with you to get the coverage you need within your budget at the best price available. Walterry Insurance Brokers are well versed in dealing with many different insurance companies and are willing to go that extra mile to make sure you are satisfied with whatever flood damage coverage you decide to use to protect your home.