If your home is flooded, will your homeowner’s insurance policy cover the damage? That depends on several things, such as the value of your Panama City or Inlet Beach, FL home, the amount of water damage caused by the flooding, and whether you have an additional flood insurance policy in place. 

Does My Home Insurance Cover Flooding?

A typical home insurance policy doesn’t cover flooding. To protect your belongings in the event of a flood, you’ll need to purchase a specific flood policy offered through the government’s National Flood Insurance Program. With that coverage topping out at $350,000, you may want to get supplemental flood insurance to avoid emptying your bank account in the event of a flood.  

Does My Home Need to Be in a Flood Plain To Get Coverage?

While most people tend to think of a total loss when dealing with a flood, according to the flood insurance program, the average flood claim for U.S. homeowners is about $39,000. If your home is located within a flood zone, your mortgage company may require you to purchase flood insurance for your Florida home, but you can still purchase it from Dune Lakes Insurance even if you don’t reside in a flood zone. According to the Property Casualty Insurers Association of America, one fourth of all flood claims are for a property not located in a flood plain.

What Does Flood Insurance Cover?

Unfortunately, a lot of people are under the impression that their standard homeowner’s policy covers flood damage, but a typical standard policy doesn’t cover floods or earthquakes. To be protected against either of those disasters, you’ll need specific, separate coverage. Flood insurance won’t cover living expenses if you have to relocate while your home is being repaired, but it will pay for up to $250,000 in structural damages in the event of a flood. If you need flood insurance coverage, it pays to think ahead. Since there is a waiting period of 30 days after purchasing coverage for the policy to kick in, by the time your home is at risk of flooding it will be too late.

For more information about protecting your Panama City or Inlet Beach, FL home with flood insurance, contact the insurance experts at Dune Lakes Insurance today.