Why All Homeowners Should Consider Flood Coverage

Most flood claims occur in homes located outside designated mapped flood zones. Flash rains and ice damming can cause a flood. The out-of-pocket expense can be staggering — an average of $25,000, according to the National Flood Insurance Program.

You can use this flood cost estimator to see how your costs rise with each inch of standing water in your home. If the expense seems excessive, think about the contents of your basement or first floor (if you don’t have a basement). Then consider how much it would cost to have a professional come in to repair the damage. When the water rushes in, you probably have a lot more to lose than you think.

Everything in your basement adds up

Even if your basement is unfinished and you have nothing valuable stored there, consider what else is probably living below ground level:

  • Washer and dryer
  • Water heater
  • Heating, ventilating and air conditioning unit and boiler
  • Water softener

Replacing and installing these items can easily cost thousands of dollars. In the meantime, you’ll need to act fast to get the water out of your home and dry the area as quickly as possible, before mold sets in. Hiring a professional to assist with cleanup is well worth it.

If you have a finished basement, your flood troubles just got exponentially worse. Make sure to add coverage and set your limits high enough to cover the cost of rebuilding the entire basement — drywall, paint, flooring and furnishings. That cost is in addition to the usual household equipment mentioned above.

Don’t assume you’re safe because you live outside a flood zone

Flooding outside a flood zone can happen. In fact, most flood claims happen outside flood zones. A flash rain, for example, dumps several inches of water in a short amount of time, saturating the ground. Once the ground can no longer absorb the water, it’s going to travel to the lowest possible point. If your home is situated on a low part of your property or the grading runs toward your house, you’re a candidate for a flood.
Any water that enters your home from the outside is normally considered a flood, so you can’t assume that any part of your policy will kick in even if your particular issue doesn’t seem like a classic flooding situation.

Contact your insurance professional

Contact your insurance professional for a rundown of your homeowners coverage, and pay specialattention to the limits and the exclusions. Also ask about what’s covered regarding fl ood cleanup andremediation. Set your limits high enough to protect your valuables and rebuild if it’s a worst-case scenario.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2020 Applied Systems, Inc. All rights reserved.