This month, we sat down with Kim Oztuna, our Personal Lines Director to have some Q&A around flood insurance. While not a mandated coverage in most cases, flood insurance is not something to let float downstream without checking into it. Many floods occur outside of flood zones so it’s important to be prepared, no matter where you live.
Take a moment and listen in as Kim explains the major points of this type of coverage. Don’t be shy about picking up the phone to give your Noble Knights a call; it’s worth it if your kingdoms ever end up taking on water!
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What is flood insurance?
Flood Insurance is a policy that you can purchase that will help cover damage to your structure as a result of flooding. Flooding is defined as “two or more acres of normally dry land or two or more properties that experience an overflow or unusual accumulation of surface waters.
Who can purchase flood insurance?
Anyone! You do not need to live in a flood zone or even be a homeowner. Renters can purchase flood insurance as well. If you do happen to live in a flood zone, however, you are required to have this coverage.
What does flood insurance cover?
- Structure damage
- Personal belongings
- Carpet/flooring
- Detached structures (up to 10% of your coverage limit)
- Appliances
- Plumbing/Electrical
What does flood insurance not cover?
- Anything basement-related, which is anything that is below ground level. Your policy will typically cover anything in the basement that will service your home, such as HVAC, furnace, food freezers, washer/dryer, water heaters, and heat
pumps/sump pumps, as well as structural and foundation damage. - Finished drywall/carpet in your basements and personal belongings. Move those valuable items up higher in your house!
- Temporary housing: anytime you must relocate because you cannot live in your primary residence as a result of a covered loss. The policyholder is responsible for paying the bill for temporary housing, it is not part of the coverages
Is there a waiting period?
Yes, there is a 30-day waiting period unless proof of flood insurance is needed at the time of closing on a property. In those situations, the waiting period is waived.
Wait…doesn’t our property policy cover flood losses?
Nope! Your primary policy does not cover water damage caused by floods. You can add endorsements to your policy for other natural disasters such as earthquakes, landslides, volcanic eruptions, however flood coverages are their own separate policy and cannot be added as an endorsement to an existing property policy.
What’s the cost?
Call in and check with our Noble Knights to learn more about the cost of flood insurance and how much coverage you may need!
Is there anything I can do to help mitigate flood damage?
Yes!
- Purchase flood insurance, of course!
- Keep gutters, downspouts and any drainage free of debris (like leaves)
- Move valuable items to higher floors (don’t store them in the basement!)
- Install flood vents in the foundation walls or any enclosed areas to allow water to flow out
- Waterproof your basements
- Install a sump pump and water alarm (with a battery-operated back up pump)
We’d like to thank Kim again for sitting down with us and sharing her expertise. While we hope you all never have to experience the damaging effects of floods, our hope is that you feel reassured knowing that you have coverage options! Our team is here to help keep your kingdoms safe. Give us a call, visit us online, and check out our new Client Portal. There’s better coverage behind our shield!
We’d be happy to review your insurance coverage options with you! Give us a call at (703) 751-1001 or visit https://burkeandburkeinsurance.com/.
