Is Flood Covered by Home Insurance?
With the return of hurricane season its good time to remind folks that flooding doesn’t just happen on the coast. Recent hurricanes show that devastating floods can happen anywhere and at any time.
A shocking 57% of all flood insurance claims after Hurricane Harvey came from homes outside of the high-risk flood area. Hurricanes are not the only cause of flooding; flash thunderstorms, slow steady rain, construction, newly graded streets, dry creek beds, recently built development or neighborhood, drought conditions, or a clogged street gutter are some other scenarios that may cause flooding.
Homeowners insurance and flood insurance is one of the important steps you can take to protect one of your biggest investments – your home. Most Texas home owners insurance policies do not cover flood – it is a separate policy. Unless its required by your mortgage lender at the time of purchase, then it can typically take 30 days to apply for flood insurance policy before it goes into effect.
Did you know an inch of water can cost $25,000 in damage to an average sized home?
Just because you haven’t experienced a flood in the past, does not mean it is not possible in the future. You can’t control the weather but you can takes steps to prepare your family, home, and help protect the life you have built. Now is the time to prepare for hurricane season by purchasing a flood policy. Check out the additional flood preparation resources that are linked at the bottom of this blog and be sure to create a home inventory list.
What is an Insurance Home Inventory List?
After a flood, fire, move to a new home, burglary or another event in which you have lost possessions from your home, it may be difficult to remember the details of every one of the belongings that you have accumulated over the years. Having a current home inventory of your possessions, including make and model numbers, may help you with any potential insurance claims. Taking the time to document your belongings now can help you recover faster after a claim.
5 steps you can use to help build your home inventory checklist
Step 1: Walk through Your Home. Compiling a detailed inventory will be useful if you have to make a claim. Document possessions inside your home and on your property that may be of value including the serial number, receipt and other identifying details.
Step 2: Keep Your Inventory in a Safe Place. Creating a digital home inventory and storing it off-site will help ensure that it won’t be lost, stolen or damaged during any disaster at your home. You can also create a photo or video inventory and upload it to a secure location. Simply walk through your home or office using your phone to shoot video of the contents, describing them as you go. Don’t forget to inventory items that may be out of sight in storage closets or drawers.
Step 3: Update Your Inventory Often. When you make a significant purchase, add the information to the inventory while the details are fresh in your mind. This is also a good time to delete items that you have replaced or no longer own.
Step 4: Remember Your Business Assets. While most people think of their home when making an inventory, it is important to document the contents of your business, if applicable, as well.
Step 5: Valuable items like jewelry, art, music instruments, golf clubs, antiques, collectibles etc. may have increased in value since you brought them into your home or have limited coverage on your policy. Check with your agent, if you have special items, to make sure that you have adequate insurance coverage as them may need to be insured separately
Flood and hurricane resources to help organize, plan or prepare your family, home and pets:
You can’t control mother nature however. you can plan ahead, prepare your family, and help protect your home.
Related posts
