If you own your home or even if you are thinking about purchasing a home, it’s a good idea to think of the varying types of insurance that are available to protect your property. If you have a typical homeowners insurance policy, it may not cover flooding, so you may want to invest into a policy for flooding specifically. Most homeowners insurance does not cover flood damage so you will need flood insurance to cover the cost of rebuilding.

For those that think that they don’t need flood insurance because they live in an area which doesn’t typically flood, that doesn’t mean it’s not worth considering. Even if you are land-locked, that doesn’t mean flooding can’t occur. Flooding can happen due to storms, snow, construction or poor drainage systems so don’t let location be the deterrent from protecting your property. If you happen to be outside of a high risk flood area, you can qualify for lower-cost Preferred Risk Policies (PRPs) which provides the same coverage at a more affordable price.

What Does It Cover?

Flood insurance will protect the items in your home that you value. Depending on the company you use for policy, you will have different options but many offer two types of coverage which are building coverage and contents coverage. One protects your home and the other protects your belongings.

Building coverage protects: Electrical and plumbing systems, furnaces and water heaters, refrigerators, carpeting, cabinets, foundations walls, fuel tanks etc.

Contents coverage protects: Clothing, furniture, electronic equipment, washer and dryer, portable air conditioners, valuable items like artwork or furs, etc.

What Isn’t Covered?

It’s important to know that flood insurance only covers losses caused by flooding directly. In more specific terms, a flood is an excess of water on land that is normally dry, affecting two or more acres of land.

In the event of flooding, there are certain things that are not covered. Things that aren’t covered are temporary housing, property outside of an insured building, financial losses, personal property kept in basements and others.

Types of Coverage

When it comes to any type of insurance, it’s important to pick the policy that is best for your personal situation. The same thing applies to flood insurance dependent on whether you own your home, are a renter or a business owner. The coverage limit and exactly what is covered will need to be discussed with the policyholder, and if you are a renter, it’s a good idea to discuss with them their current coverage for flooding before purchasing a policy.

Reach Out Today!

If you are considering purchasing flood insurance whether you are a renter or a homeowner, feel free to reach out to our team so we can answer any questions you may have. Reach out to the team at Willoughby Insurance in Buffalo, NY today!