Flood Insurance

Understanding Flood Insurance:

Many homeowners don’t think about the possibility of a flood destroying the home. Why would they want to? The truth is floods can happen anywhere in Pennsylvania and plenty of residents in York and Adams County have experienced severe damage to their property and loss of their belongings. Since most homeowners insurance policies exclude damage caused by flooding, these individuals had to pay out of pocket to rebuild their life.

 

What is flood insurance?

A flood insurance policy pays costs associated with flood damage, including repairs, rebuilding, and replacement of your belongings. The average flood claim costs homeowners $39,000, according to Bankrate.com, which most individuals don’t have on hand.

 

Who needs flood insurance?

It is recommended that every homeowner buy flood insurance just in case a disaster occurs. Experts couldn’t have predicted the damage that Hurricane Sandy would cause hundreds of miles inland. Many residents had to completely rebuild with little or no assistance because they didn’t have the right insurance in place.

In Pennsylvania, flash flooding and storms are common. During any one of these, flooding can occur and damage your home.

 

Do You Need Flood Insurance If You’re Not in a Flood Zone?

Many flood claims happen outside of high-risk zones. If your area is known for getting heavy rainfall throughout the year, the best practice is to get flood insurance. Most mortgage lenders may also require you to have flood insurance if you are in a FEMA zone. It's also best for homes near creeks, storm drains, hillsides, or poor drainage to have insurance because they can still flood. 

 

What Does Flood Insurance Cover?

Having flood insurance can help cover a wide range of items you might own. 

    • Foundation

    • Electrical systems

    • HVAC systems

    • Flooring

    • Water heaters

    • Cabinets

    • Furniture

    • Electronics

    • Clothing

    • Appliances

    • Temporary housing

    • Vehicles

    • Outdoor property

    • Mold from preventable neglect

 

Are there any special circumstances I need to be aware of?

Flood insurance policies have a maximum limit of $350,000 - $250,000 in building and $100,000 in contents coverage. Depending on the value of your home, you may need to inquire about an additional layer of flood insurance. Your local insurance agent will be able to help guide you in the right direction.

 

What is a flood?

When we hear the word ‘flood’, most individuals think of natural disasters. Flooding can be caused by a number of scenarios, including hurricanes, excessive rain, and water main breaks.

 

Can I buy flood insurance anytime?

You can buy flood insurance at any time. There is a 30-day waiting period before the coverage takes effect, with two exceptions. First, you can buy flood insurance without a waiting period when you buy or refinance your home. Second, you can purchase it within 13 months after a revised flood map takes effect with no waiting.

ContactRumbaugh Insurance today!

Flood Insurance FAQs

  • No. Standard homeowners' insurance policies typically do not cover damage caused by flooding. Separate flood insurance is needed for flood-related damage. 

  • Flood insurance costs vary based on your property’s location, flood risk, elevation, and coverage limits. Many policies are more affordable than homeowners expect. 

  • Flood insurance may be required if your home is located in a high-risk flood zone and you have a mortgage from a federally regulated lender. 

  • Most flood insurance policies have a 30-day waiting period before coverage begins, unless required for a mortgage closing or certain exceptions apply. 

  • Yes. Renters can purchase flood insurance to help protect personal belongings from flood damage.

Contact Rumbaugh Insurance Today!

Contact Us