Do Home Insurance Policies Cover Flooding?

When we purchase a new home, we also purchase homeowner’s insurance policies. These tools financially protect us should an unexpected disaster damage or destroy your home or outbuildings on the property. This level of protection is also required by most mortgage lenders which are typically part of the terms of the loan. 

Having an adequate policy in place protects both the homeowner and the lender financially. Unless the property is located in a high-risk area, most homeowners may not be aware of their flooding risk. Also, many homeowners may assume that damage from flood events is covered under their current policy. However, home insurance policies do not cover flood-related damage. The team at Keystone Insurance Agency, LLC works with homeowners in the Columbus, OH area to ensure that they carry adequate coverage for their property. They can also help the homeowner understand their level of flood risk. 

When a home is located in an area that has a moderate or low-risk for flooding, homeowners may need to give some consideration as to whether or not they want the additional coverage that a flood insurance policy provides. The team at Keystone Insurance Agency, LLC can talk with you about the options that are available. As a homeowner, having the best information available allows you to make the best decisions. 

Some homeowners in the Columbus, OH area opt to carry flood insurance even though they are at moderate flood risk. This is because the costs associated with flood damage can be substantial. It has been calculated that a 1,000 square foot home that with 1 foot of flood water will result in damages of approximately $27,150. For some, the minimal additional premium is worth the cost should the unexpected occur. The team at Keystone Insurance Agency, LLC are your partners. Call us for more information today!