Believe it or not, 1 in every 50 homeowners files a water damage claim with their insurance provider each year. It can happen without warning and if left unrepaired, the water damage can threaten the safety of your house.
If you’re asking, “does homeowners’ insurance cover flooding?” you’re not alone. While most homeowners assume that their insurance policy will cover all types of water damage, it’s not always the case.
Here’s what you need to know so you can better protect your home and your loved ones.
What Your Homeowners’ Insurance Policy Covers
Standard homeowners insurance policies protect your home from certain types of water damage. However, the type of protection you’ll get from the policy is relatively limited. Here’s what you need to know.
Overflowing Tubs and Sinks
Believe it or not, overflowing tubs and sinks are all too common in households across the country. All you need to do is leave the room and get distracted while drawing a bath or filling the sink and, before long, water starts flowing over the sides.
Though it’s not likely to cause severe water damage, it can still create issues that you’ll need to get repaired quickly. Your homeowners’ insurance policy will cover the costs of those repairs.
Leaking Water Heaters
As water heaters age, they can start to deteriorate. As the tank corrodes, small leaks can develop. Over time, this can lead to serious water damage and worsen the integrity of the water heater itself.
If the worst happens, the tank could fail completely and your utility closet or basement will get left with a minor flood.
Luckily, your homeowners’ insurance policy should cover the damage. Keep in mind that the leak can’t result from neglect or lack of maintenance. Your insurance company will assess the damage to the water heater to determine if you have a valid claim.
Damaged or Faulty Appliances
While it’s relatively rare for your kitchen appliances to cause minor floods in your home, it can happen. Any appliance that’s connected to a water line can lead to water damage and your homeowners’ insurance coverage will pay for the repairs.
This is because the damage is sudden and completely accidental. This is what your homeowners’ policy is there for.
That said, the insurance coverage will only pay for repairs related to the water damage. The cost of repairs or replacements of the damaged appliances is your responsibility to cover.
If the appliances are under warranty and the fault occurred because of a manufacturer’s defect, you may be able to file a warranty claim and get the replacement covered that way.
Ruptured Pipes
During the winter months, temperatures can drop suddenly. If your home isn’t prepared, you could end up with ruptured pipes in the walls.
This can cause severe water damage and the sooner you can get the damage repaired, the better and safer your home will be.
Luckily, your homeowners’ insurance coverage will cover the cost of those repairs. Your insurance adjuster will provide you with an estimate and can provide recommendations for repair technicians they partner with.
So, Does Homeowners’ Insurance Cover Flooding?
Unfortunately, the answer is “no.” At least, not for true floods that originate outside your home. While your homeowners’ insurance can cover indoor flood-like events that generate inside your home, it won’t protect you against actual floods.
This means if your home gets damaged by a flash flood in your neighborhood or an overflowing drainage ditch nearby, you’ll have to pay for repairs out-of-pocket. The only way to fully protect your home and your finances is to invest in flood insurance.
How to Find the Best Flood Insurance for Your Home
Every home is unique and the amount of flood insurance you’ll need for your property may be different than the coverage your neighbors have. This is why it’s important to find the best insurance policy for your home and your budget.
Finding a top-rated insurance policy can feel a bit confusing. Here are a few tips to help.
Talk with Your Agent
If you’re happy with your homeowners’ insurance policy, discuss your concerns with your insurance agent. They’ll be able to help you decide if buying flood insurance is in your best interest and can help you find policies that will fit your needs.
Shop Around
Even if your homeowners’ insurance provider offers flood insurance, it’s always a good idea to shop around. Contact different providers and get a quote from each one you’re interested in.
Compare the quotes and the coverage amounts you’re offered and don’t hesitate to ask about discounts on coverage. Different insurance providers may end up saving you money on your home and car insurance if you roll your coverage over to them.
It’s also a good idea to mention those options to your current insurance agent. They may be able to find additional discounts on coverage or match the quotes you receive as an incentive to keep you as a customer.
Choose Quality Over Price Every Time
When you’re ready to invest in flood insurance, don’t base your decision solely on price. Make sure you understand the coverage each policy offers and choose the one that gives you the best quality coverage at a price you can afford.
Remember, it’s always best to choose a policy that will fully protect your home in the event of a flooded basement.
Flood Insurance Is Always a Good Idea
Floods can happen without warning. Now that you know the answer to the question, “does homeowners’ insurance cover flooding?” you know that buying flood insurance is always in your best interest.
Just remember to shop around and take your time when choosing a policy. The last thing you need is to buy coverage that doesn’t protect your home completely.
For more tips to make protecting your home easy, check out our latest posts.
