Does Homeowner's Insurance Cover Rising Flood Waters?

 

A question that may have you concerned during this time of unpredictable climate change is whether or not your Greensboro Homeowners insurance policy covers your home for rising flood waters.  The simple answer to this question is, "No."  Standard homeowners insurance covers neither flood waters nor rising waters from any bodies of water such as rivers or lakes, oceans or streams.  You do, however, have some options to obtain flood damage coverage to work in parallel with your Greensboro homeowners insurance coverage.

Flood insurance is available and typically purchased from the NFIP, the National Flood Insurance Program.  This is a federal government program and is federally regulated.  The program is overseen by the Federal Emergency Management Agency (FEMA), with coverage available through a network of dozens of insurance companies throughout the country.

Homeowners Insurance Water Damage Coverage

While flood water damage is exempted from the standard Greensboro homeowners insurance policy coverage, certain types of water damage may be covered within your policy.  According to the Insurance Information Institute (III), water damage is one of the most common perils suffered by homeowners and also one of the most expensive to repair.

Standard homeowners insurance typically pays toward claims arising from leaking plumbing if the leak is sudden and accidental.  This includes things such as a burst plumbing pipe, a supply hose to your washing machine or a dishwasher breaking or your hot water heater flooding the basement.  Take note, however, that your insurance doesn't cover problems arising from poor maintenance.  If, for example, you fail to repair a leaking toilet and it causes water damage, it will likely not be covered.

Water backup from an outside drain or sewer is also typically not covered by a standard homeowners policy, although a rider may possibly be added to your policy to cover these eventualities.

Two Types of Coverage

Within your standard Greensboro homeowners insurance policy, you have two types of coverage that may apply to covered water damage:

• If a water pipe bursts and damages your wall, the dwelling coverage portion of your policy should help pay for the repairs
• If that same burst pipe drenches your personal property such as your stereo or your bookcase full of books, the personal property portion of your policy is what will come into play in answer to your claim

Flood insurance also comes in two parts: dwelling protection and personal property protection.  Consult your agent.