If you only buy dwelling coverage, then only the damages to your home’s structure will be covered after a flood event. You must purchase dwelling coverage and contents coverage separately. It’s important to note that flood insurance only covers damage that’s a direct result of flooding. Your coverage will help repair or replace personal belongings in your home or any damage to the home itself. Because of this, it’s wise to plan ahead and purchase flood insurance ahead of rainy seasons like winter.įlood insurance covers water damage from many events, including heavy rain, storm surges, flash floods, and broken pipes. Keep in mind: After buying a flood policy, there’s typically a 30-day (or longer) waiting period before the coverage will actually kick in. You can purchase flood insurance through the National Flood Insurance Program (NFIP) if you live in one of the 23,000 participating communities with a flood risk, or you may buy coverage through a private insurer. If you live in an area with a high risk of flooding and have a government-backed mortgage, your lender will require it. Factors that affect the cost of flood insuranceįlood insurance is a type of stand-alone policy for your home which covers your personal belongings as well as the structure of your home should floodwaters intrude on your property and cause damage.Here’s what you need to know about flood insurance and what it costs: That’s why you may want to consider buying a flood insurance policy, especially if your home is located in a flood-prone area. However, standard homeowners insurance policies don’t cover flood damage. Some areas of the country are also susceptible to flooding, which can result in significant damage or even destroy your home. Homeowners insurance is one way of financially protecting your property from any number of potential perils, such as fire, burglary, hailstorms, or even tornadoes. If you own a home, you want to protect your investment as best you can. NMLS # 1681276, is referred to here as "Credible." Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Our goal is to give you the tools and confidence you need to improve your finances.
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