Most people are unaware that typical Homeowners Insurance policies don’t cover flood damage – that would require a separate Flood Insurance policy. Do you have coverage for flood damage? Even if you think it’s something you don’t need, it’s worth a discussion and learning more – a huge number of claims for flood damage occur each year to homeowners who aren’t in a flood zone.
Flood insurance is generally available through government backed insurance policies:
If your home is located in a special flood hazard area, and you have a mortgage, the bank will require that you purchase flood insurance. If your home is not in a special flood hazard area, flood insurance is not required by the lender, but is available. The government backed plans offer coverage on homes up to 250,000 for the dwelling and 100,000 for contents. If it is a business, coverage is available up to 500,000 on the building and 500,000 for business property.
More recently, other options have become available. President of The Fair Agency Kathy Silvia wrote an article for CapeCod.com that talks about these options – check it out: