Flood Insurance

Understanding Flood Insurance:

Many homeowners don’t think about the possibility of a flood destroying the home. Why would they want to? The truth is floods can happen anywhere in Pennsylvania and plenty of residents in York and Adams County have experienced severe damage to their property and loss of their belongings. Since most homeowners insurance policies exclude damage caused by flooding, these individuals had to pay out of pocket to rebuild their life.

What is flood insurance?

A flood insurance policy pays costs associated with flood damage including repairs, rebuilding, and replacement of your belongings. The average flood claim costs homeowners $39,000 according to Bankrate.com which most individuals don’t have on hand.

Who needs flood insurance?

It is recommended that every homeowner buys flood insurance just in case a disaster occurs. Experts couldn’t have predicted the damage that Hurricane Sandy would cause hundreds of miles inland. Many residents had to completely rebuild with little or no assistance because they didn’t have the right insurance in place.

In Pennsylvania, flash flooding and storms are common. During any one of these, flooding can occur and damage your home.

Are there any special circumstances I need to be aware of?

Flood insurance policies have a maximum limit of $350,000 - $250,000 in building and $100,000 in contents coverage. Depending on the value of your home, you may need to inquire about an additional layer of flood insurance. Your local insurance agent will be able to help guide you in the right direction.

What is a flood?

When we hear flood, most individuals think of natural disasters. Flooding can be caused by a number of scenarios including hurricanes, excessive rain, and water main breaks.

Can I buy flood insurance anytime?

You can buy flood insurance at any time. There is a 30-day waiting period before the coverage takes effect with two exceptions. First, you can buy flood insurance without a waiting period when you buy or refinance your home. Second, you purchase it within 13 months after a revised flood map takes effect with no wait.