Following on from the events in Texas and the path of destruction left by Hurricane Harvey and similar in Florida by Irma - we thought it was important to highlight to our readers the need for flood insurance, as it is not covered by home insurance. We spoke to our expert insurance advisor Jay Davis of Country Financial in Springfield to find out more.
Flooding is not covered by home insurance; however, federal flood insurance can be purchased in order to protect your home after water has entered – and caused damage - via an outside source. It is also worth mentioning that there is a 30-day waiting period for federal flood insurance to be effective, which meant it was too late for many of those living in the affected areas to purchase flood insurance once the news of the hurricanes broke.
Most home policies in the Midwest include wind coverage in the insured causes of loss. However, some coastal states exclude wind damage on the base home policy and require a wind endorsement for protection against flying debris. There is often a 15-day waiting period for the coverage to be active. So if you are purchasing a vacation home this is something you may want to consider. Bear in mind the more than two-week waiting period if a weather warning has already been issued.
Purchasing a home policy takes time. Don’t be concerned about asking your agent too many questions. It is important you understand the details of your coverage so that in the event you lose everything your belongings can be replaced and you can begin to clean up, replace, and rebuild. Whenever it comes to insuring the content of your home, although some possessions will be difficult to replace – such as family photos, pieces inherited from previous generations, or paper documents and certificates unless stored in an air tight, waterproof, cupboard – so it is good practice to make a detailed list and take photos, which are then stored remotely in the cloud.
Comprehensive coverage on an auto policy will provide for repairs to a vehicle damaged by hail, flooding, and flying debris from a storm.