One part of taking care of your home as a homeowner is making sure you have the correct insurance to guard your home against any and all damages. If you live in an area where floods are a risk, that means having flood insurance.

Regular Homeowner's Insurance Doesn't Cover Floods

Your typical homeowner's insurance does not cover floods. Homeowner's insurance usually covers water damage, like if you leave a faucet on and your bathroom gets flooded or if your hot water heater leaks or a pipe explodes. Most homeowner's insurance policies do not cover floods that happen as a result of a natural disaster.  

Know Where You Live

When you're trying to figure out whether you need flood insurance, you need to know where you live and how likely you are to be impacted by a flood. In most areas, there is a defined flood plain. A flood plain lets you know the highest levels flood waters reached in the past hundred years, and how likely it is that a flood would impact your home again.

If you live near a creek or river, you also have a high chance of being impacted by a flood. If you are near the ocean, and especially if you live near the ocean and in an area that gets hurricanes, you also have a bigger chance of your home being flooded.

Where to Get Flood Insurance

Flood insurance is a little different than regular insurance. With flood insurance, you can insure either the actual physical structure of your home or your personal property inside of the home, or you can insure both the physical structure and your personal property.

Most flood insurance companies will offer a set limit of coverage for your home and your personal property. If your home or personal property is valued above the basic level of coverage that they provide, you will need to purchase an excess flood insurance policy. This will fill the gap between the actual value of your home and belongings, and your regular flood insurance policy.

When to Get Flood Insurance

Next, you need to get flood insurance ahead of time. You can't just hear that there is going to be a flood, call in, and get a policy. You need to get flood insurance before your home is at risk of a flood. Flood insurance comes with a waiting period, so after you purchase the insurance, you have to wait a set amount of days before the insurance takes coverage.

If your home is in a flood plain, or right next to a body of water, you need to get flood insurance. It will protect the valuables in your home and the structure of your home if a flood hits; floods can be devastating, so you want to make sure you are prepared. Talk to a flood insurance company to learn more.