Flood Insurance or Home Insurance?


Do you know which you need in the case of water damage? They both cover damage caused by water, but where did the water come from?  How much coverage is there? How do I make sure I’m properly covered from water damage? Do you have flood insurance? Do you NEED flood insurance? The answer may surprise you. Did you know that approximately 40% of all claims filed under flood insurance are not classified as Flood Zones? Let’s start with clarifying Homeowners & Renters Insurance water coverage. If you have a plumbing problem, for example, a pipe ruptures inside your wall. That situation would be covered under your standard homeowners insurance. If you have an appliance failure, like a sump pump, or a drain over flows/backs up, that would be covered under an endorsement to your home insurance policy. That is optional coverage. The endorsement is highly recommended and would cover most water problems that a homeowner would face. Unfortunately, this coverage is not available for renters.

Now where does Flood Insurance come in? Do you have a river nearby? A lake? A sewer system that seems to never keep up? Those are the neighborhoods that people typically think are in need of Flood Insurance. But let’s look at the recent events in Cuyahoga Falls. There are quite a few homes that are nowhere near a body of water or stream,  they are just in a low part of their neighborhood. When we received torrential downpours, all of that water collected in the lower parts. This phenomenon resulted in homes and cars being underwater. Some of the worst flooding caused structural damage and those houses are a total loss. This type of flooding is considered a Flash Flood. These types of situations are when flood insurance kicks in and a regular home insurance is not sufficient.

OK – I get it, this is the worst storm we’ve had in over 10 years. The odds of this happening again are slim. That’s true. But what if? What if we have another storm next month? Next summer? In 5 years? Will you be prepared? Let’s look at some other examples of how flood insurance can help. Remember the water main that broke in downtown Akron last summer? The neighborhood flooded. There were around 5 houses that flooded and were moved off of their foundations. That is covered under flood insurance. How about those stories you hear of kids playing with fire hydrants and cranking them open and playing in the water? Remember how quickly the streets fill with water? Well, if the city doesn’t respond fast enough, that results in a flooded neighborhood with a lot of damage. Again, that would be covered under flood insurance. Are you properly insured for these situations?

Please don’t hesitate to call or email me with any questions. Not every insurance agent is licensed to offer flood insurance. Flood Insurance is issued by FEMA, and they also set the rates. Your agent of choice just helps you get it in place. You can get flood insurance from any flood licensed agent, and it doesn’t have to be bundled with your current homeowners or renters policy.

Go to our Flood Insurance page to learn more.

Go to our Flood Tools Page to see an interactive guide to are you at risk, and how much could a flood potentially cost.

As with any insurance policy, the best policy is the one you have in force when tragedy strikes!

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