Most homeowners’ insurance does not cover flood damage. When you purchase flood insurance, it will cover both physical damage to your home and belongings from floods. While homes and businesses in high-risk flood zones with government backed mortgages are required to have flood insurance, floods can happen anywhere and at any time. You don’t have to live on the coast, or near a body of water to experience flooding in your home or business. Groundwater flooding occurs when the level of water within the soil underground – known as the water table rises and reaches ground level. This occurs with changing weather that brings heavy rains and in populated developed areas where there may not be sufficient room for the water to drain. Consider purchasing flood insurance for the protection and peace of mind it brings.
Home and business owners can purchase flood insurance from the National Flood Insurance Program (MFIP) through private insurance agencies, like Staples & Associates. Most policies do not take effect until 30 days after signing so make sure to get your coverage before the storm season rolls in. The NFIP offers building coverage and contents coverage.
When determining insurance coverage for flood damages, the cause of the flooding matters. According to the Federal Emergency Management Agency (FEMA), a flood is an excess of water on land that is normally dry, affecting two or more acres of land or two or more properties. Flood Insurance covers losses directly caused by flooding.