What is Flood Insurance?
Flood insurance protects the structure of your home, as well as your personal items that are ruined or damaged by flooding. Because homeowner’s insurance doesn’t cover flood damage, your home must be insured under a separate flood policy.
If you purchase flood insurance from our carriers, it can cover some or all of the following:
- Your home’s foundation
- A personal building’s foundation
- Electrical and plumbing systems
- Air conditioning equipment, furnaces, and heaters
- Appliances like washers, dryers, refrigerators, and stoves
- Personal possessions, such as electronic equipment, furniture, and clothing
Why Doesn’t My Home Insurance Cover Flooding?
Including flood coverage in comprehensive home insurance policies increases the premiums and deductibles, making it less likely for homeowners to buy and insurance carriers to sell the home insurance package. As a result, most homeowners insurance policies do not include flood damage in their list of coverages.
What About NFIP?
The most common insurer against flood damage is The National Flood Insurance Program by FEMA. However, you cannot purchase flood insurance directly from the NFIP without an insurance agent, or if you live in an area that is not qualified for NFIP coverage. Whether you go with NFIP or a private insurer, there will be a 30-day waiting period before your policy goes into effect, so don’t procrastinate!
Keep Your Home Safe from Floods
To protect your home from flooding, especially if you’re in an area susceptible to rising waters, you’ll need to purchase flood insurance. Not sure where to start? Ask one of our Providence, RI based agents about the steps you should take to protect your home and belongings at an affordable rate.