Do I Need Flood Insurance?

Many people dont think about flood insurance until they need, at which time it is too late to purchase a policy. Some homeowners may conjure images of flood devestation from natural disasters and assume that they will never experience that kind of damage. The reality is that only a few inches of water can cause tens of thousands of dollars worth of damages to a home, and the average homeowner's insurance policy will not pay for it.

If you want to protect the value of your home from flooding, you'll likely need to purchase a separate insurance policy that covers flooding. Your premiums will depend on your home's flood risk factor and the amount of coverage you'll need. A good policy will cover your home's structure, foundation, electrical system, plumbing, appliances, water heater, flooring and your central air conditioning and heating equipment. You'll also want to purchase personal contents coverage that will pay for the replacement of your home's furnishings, decor, window coverings, clothing and electronics.

Insurance is a time sensitive issue. There are no do-overs, and most flood insurance policies have a 30-day waiting period before coverage begins. So if you feel that you could become susceptible to flood damage in the future, there's no better time than now to begin searching for coverage.