Insights on insurance

You don’t have to live near water to become a flood victim. In fact, everyone lives in a flood zone. It’s just a matter of how likely it is that a flood will hit your home. And unfortunately, floods are the most common natural disaster. Heavy snow fall, heavy rainstorms, and the aftermath that follows causes flooding. Record precipitation and massive snowfall this winter in most parts of the United States has already led to spring flooding in many areas. The national news has recently featured several stories of unsuspecting property owners who suffered damages as a result of quick snow melt, rising waters and flooding.

We should note the difference between a flood and water backup. Flooding is surface water, which would include overflow of a body of water. Water backup refers to water which backs up through sewers or drains from outside the dwelling’s plumbing system. This also includes a failed sump pump. Generally, you can add an endorsement to your home insurance policy that will protect you against financial loss due to water backup. Read your policy carefully as there are many variables and conditions surrounding these endorsements. Water can also enter your home from below the surface of the ground via seepage or leakage through a foundation. No insurance will cover this type of damage.

Remember, your homeowners insurance will not cover you for flood damage, either to your home or to your personal belongings. Only Federal flood insurance reimburses you for flood damage to your property. With one annual premium, you can protect your most important investment – your home. Call your insurance agent or company today and ask about the National Flood Insurance Program.