Flood insurance is not covered on a renters, home, condo policy or standard business property policy. Flood insurance is a separate insurance policy and if you didn’t purchase one you do not have flood insurance.
If You are In a Flood Zone You Have to Have Flood Insurance?
If your home or property is located in a flood zone and you have a loan on the home or property the bank requires you to carry flood insurance. A flood zone is a designated area on a map called a community flood map that indicates areas that have a high likelihood of flooding. Generally speaking they are typically areas that are around a body of water of some sort like a pond, creek, lake etc… If you are not required to carry flood insurance you may still need it and want it to protect your property.
Do I Need Flood Insurance if I am Not in a Flood Zone?
The simple definition of flood is rising or standing water. If you have property in a low-lying area or a place where there are drainage issues you should consider flood insurance. In the past few years there have been a lot of rain storms that drop significant amounts of water at one time and the ground simply can’t absorb it as fast as it is falling. If a storm like that has the ground water reaching your property the damage caused is not covered unless you have a flood policy.
Where Do I Buy Flood Insurance?
Your insurance agent will be able to help you with purchasing a flood policy. It is important to know there is a 30-day waiting period before the policy goes into effect. While there are a few exceptions don’t wait until you are fearful your property is flooding to call your agent. As the Hurricane season ramps up in the Carolinas call today to get a flood insurance policy.
This is a great FAQ from the North Carolina Department of Insurance that will answer more detailed questions related to Flood.
Need some more info? Check out this great article about flood – Am I at Risk for Flood?
If you don’t have an agent O’Connor Insurance Associates is happy to help you with questions call us today 704-510-8884 or visit the flood page on our website.