No one wants to experience a flood in their basement. From mopping up water to finishing your basement again and checking for mold, a flooded home can cause a massive headache. When flooding does strike, one of the first things that most homeowners do is pick up the phone to call their insurance company. But will your homeowners insurance cover the damage caused by flooding?
Unfortunately, unless otherwise stated in your policy terms, your insurance probably doesn’t cover damage from flooding. This can be a massive shock, as the damage from a flood can quickly total tens of thousands of dollars.
If you live near a creek or in a high-risk flooding zone, you might want to purchase an additional flood insurance policy. Flood insurance is sold through the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program. Though FEMA backs and underwrites flood insurance policies, you must purchase the actual insurance protection through your homeowners insurance company.
The amount that you’ll pay for flood insurance will depend on your risk level. The closer you live to a body of water that’s likely to overflow, the more you’ll pay each year in flood insurance. FEMA sets local rates for flood insurance, not your insurance company — so any discounts you’ve negotiated likely won’t apply to your flooding protection.
Like any other type of insurance, you’ll pay a separate monthly premium for flood insurance. This premium keeps your coverage current, and it’s due every month alongside your homeowners insurance premium. Flood insurance policies are considered by insurance companies to be independent of your homeowners insurance — meaning that they also come with their own deductible, which you’ll need to meet before your insurance will offer you a payout.
One way that you can limit what you’ll pay after a flood is by seeking waterproofing services for your basement from a company like Rightway Waterproofing. Rightway Waterproofing has been waterproofing basements in the Delaware Valley for more than 20 years — and we know firsthand just how big of a difference waterproofing can make after a flood. To learn more or to get started, give us a call today!