Talking With Insurance Companies

If you live on a flood plain, your mortgage company requires that you carry flood insurance. In fact, most mortgage lenders, once they discover that you have purchased a home on a flood plain, will not give you a mortgage without proof of flood insurance. Yet, what exactly, does flood insurance cover? You may be surprised that it really is not an "ark" for all incidents involving water. Here is a closer look at what most flood insurance plans do and do not cover.

Rising, Rushing Rivers That Run over Your Residence

If the nearby waterway rises so fast that more than a third of your home's exterior is taken over by water, you are covered. Flood insurance absolutely covers this incident, which is good for both you and your mortgage lender. It is good for you because the home will be repaired and restored once the water recedes. It is good for your mortgage lender because the home will not be considered a total loss and uninhabitable, nor will they have to pursue you to get the mortgage in full (despite that you do not have a home in which to live because of the flooding).

Wetlogged Basements

When there is a lot of rain, and that rain fills up the sewers such that the sewers begin backing up into your basement, you end up with a very wet basement. You may also end up with a lot of water damage, foul odors, and a lot of sewer bacteria. This is another thing that your flood insurance will cover because it occurred through no fault of your own and was well out of your control.

Kids Flooding the Bathroom/House

Sadly, kids leaving one or more water faucets on until a bathroom and other areas of the house are flooded is not covered by flood insurance. Your insurance company would consider this a "negligent" act on your part because of the expectation for parents to keep an eye on the kids and keep them from causing damage. If their antics destroyed carpet, cabinetry, flooring, and other parts of the home, you will have to pay out of pocket to fix that. 

Pipes That Rot Rather Than Pipes That Burst

Here is another flooding situation that always surprises homeowners. If your pipes burst from extreme cold, and flood parts of your home, you are covered. If your pipes burst because they are so old and have completely deteriorated and busted out, you are not covered. One falls under "an act of God" while the other falls under "home maintenance you should have done."

For additional questions about flood insurance, contact an insurance provider, such as Jeffrey Beck Insurance Services.