Flood Insurance: What does your flood policy cover in your basement?
Your flood insurance policy has very limited coverage for your basement especially for items of personal property. Of course this is by design. Water will always find the lowest point. While the National Flood Insurance Program is designed to protect property owners against loss by flooding, the policy recognizes that basements are especially prone to flood loss. The program encourages property owners to elevate their homes and limits coverage for those with basements. This information on what is covered in your basement for loss by flood can be found in the NFIP Summary of Coverage (as well as the Standard Flood Insurance Policy—Dwelling Form) and is reproduced below:
The Building Property coverage includes the following items:
- foundation walls, anchorage systems and staircases attached to the building;
- central air conditioners;
- cisterns and the water in them;
- drywall for walls and ceilings (in basements only);
- nonflammable insulation (in basements only);
- electrical outlets, switches and circuit breaker boxes;
- fuel tanks and the fuel in them, solar energy equipment, well water tanks and pumps;
- furnaces, hot water heaters, heat pumps and sump pumps; and
- clean-up expenses.
The Personal Property coverage includes the following items:
- washers and dryers;
- food freezers and the food in them (but not refrigerators); and
- portable and window air conditioners.
Neither the Building Property or Personal Property coverages include:
- paneling, bookcases and window treatments such as curtains and blinds;
- carpeting, area carpets and other floor coverings such as tile;
- drywall for walls and ceilings (below lowest elevated floor);
- walls and ceilings not made of drywall; and
- most personal property such as clothing, electronic equipment, kitchen supplies and furniture.
If you would like to learn more about flood insurance, please give Tim Russell a call at 888.926.3564