Many homeowners assume their standard homeowners insurance covers flood damage—until disaster strikes and they’re left footing the bill. Unfortunately, flood coverage isn’t included in most standard policies, leaving many homes vulnerable to costly repairs.
Whether you live in a high-risk flood zone or an area that rarely experiences flooding, it’s essential to understand the difference between homeowners and flood insurance.
What Homeowners Insurance Covers
A standard homeowners policy protects against common perils such as:
- Fire
- Theft and vandalism
- Wind and hail damage
- Some types of water damage (like a burst pipe)
However, flood damage caused by rising water, storm surges, or overflowing rivers is NOT covered under a standard policy.
What Flood Insurance Covers
Flood insurance is a separate policy specifically designed to cover damage caused by flooding. It typically includes:
Building Coverage – Repairs or replacement of the home’s structure, including foundation, walls, electrical, plumbing, and appliances.
Personal Property Coverage – Furniture, clothing, electronics, and valuables damaged by flooding.
Basement Coverage – While limited, it may cover HVAC systems, electrical panels, and major appliances.
Without flood insurance, homeowners must pay out-of-pocket for all repairs and replacements related to flood damage.
Do You Need Flood Insurance?
Many people believe they only need flood insurance if they live in a high-risk flood zone, but the reality is over 25% of flood insurance claims come from low-to-moderate risk areas.
To determine your risk:
- Check FEMA flood maps to see if your home is in a designated flood zone.
- Consider local weather patterns and nearby bodies of water.
- Evaluate your home’s elevation and drainage system.
Even if your mortgage lender doesn’t require flood insurance, investing in a policy could save you tens of thousands of dollars in the event of a disaster.
How to Get Flood Insurance
Flood insurance is available through:
- The National Flood Insurance Program (NFIP): A government-backed program that provides coverage for homes in flood-prone areas.
- Private Flood Insurance Providers: Alternative options that may offer higher coverage limits and additional benefits.
Since there is typically a 30-day waiting period before coverage takes effect, it’s important to secure flood insurance before storm season begins.
Conclusion
Floods can happen anywhere, and homeowners insurance won’t cover the damage. Protect your home and finances with a dedicated flood insurance policy.
Want to ensure your home is fully covered? Contact Jaimie at Elite Insurance Solutions for a flood risk assessment and personalized coverage options today!
Elite Insurance Solutions services Tampa Bay, Clearwater, St. Petersburg, Land O’ Lakes and the surrounding area. Our office is able to serve all Florida homeowners and we look forward to connecting with you.