Many times when purchasing home insurance, people are not clear on what is covered and not covered by the home insurance policy and a separate flood insurance policy. Here at Wells Insurance, we can help you understand the difference between home, flood, and water damage coverages.
Homeowners' insurance doesn’t typically cover damage caused by flooding, which is why most people buy a separate flood insurance policy. Your flood insurance policy would cover the structure of your home and internal systems. It may also help protect your personal contents. Clothing, furniture, electronics, and other valuables would be covered in your Florida flood insurance policy on an actual cash value basis.
Most homeowners' policies would cover damage that is caused by pipes, but not the pipe itself. Water damage from leaks or other discharge of water that is not on the residence is covered. Also, damage from water from a plumbing or heating system would also be covered under your typical home policy, but the defective plumbing system is not covered.
Also note that a Flood Policy has a thirty-day waiting period before it goes into effect, unless it is required by your lender.
Contact us today if you’d like a review of your homeowners or flood insurance, and ask how your policy will respond to a water damage coverage claim.