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The Russell Agency, LLC Blog

All You Ever Wanted to Know About Insurance

Flood damage: is my home covered?

Is my home insured for damage that may result from flooding caused by a hurricane or other storm?

Not necessarily. Generally, coverage provided by a standard homeowners policy does not include damage caused by flooding or mudslides. It is important to note this type of damage could be extremely destructive to your property and without insurance you could be devastated financially.


How can I get insurance coverage so I’m protected for flood damage from a natural disaster?

First, contact our agency. We have access to comprehensive information and can help you determine if you need flood insurance. Throughout the U.S. more than 20,000 communities participate in the Federal Emergency Management Agency’s National Flood Insurance Program, which offers flood insurance. An NFIP policy typically includes coverage for: removing contents; sand­bagging (to reduce damage); repairing flood damage and rebuilding; clearing away debris and mud; and compensating for personal belongings.


How much protection can I get?

You can obtain flood coverage up to $250,000 on your home and $100,000 on its contents.


Is flood insurance really necessary?

That is a question you should discuss with our agency. However, you should know that lending institutions may require flood insurance as a condition of securing a mortgage, home-improvement
loan, home-equity loan, etc. Flood insurance also is a prerequisite for receiving federal disaster assistance when property is located in a special hazard area.


It is important to note that not only high-risk areas are prone to flooding. Flooding can occur anytime and anywhere. As a rule of thumb, a flood is defined as water which covers two acres or covers more than the policyholder’s own property. One-quarter of NFIP claims come from outside high-risk flood areas.


How can I prepare for a catastrophe such as flooding?

Along with obtaining flood insurance protection, you should heed storm warnings and follow evacuation procedures, such as boarding up windows and storing outside items inside; shutting off utilities; and preparing an emergency kit that contains food and water, a portable can opener, clothing, blankets, flashlights, first-aid supplies and a battery-operated radio.


Also, maintain a current household or business inventory of your property and possessions and keep it in a safe place, such as a safe-deposit box. An up-to-date inventory will prove useful when filing your insurance claim.


Can I buy flood insurance at any time?

Yes, but in most cases, there is a 30-day waiting period between the time flood insurance is purchased and the time coverage is in force.