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Floods can strike at any time, wreaking havoc on homes, belongings and peace of mind. While homeowners insurance covers many disasters, it typically excludes flooding—this is where flood insurance steps in to fill the gap.
What Is Flood Insurance and Why Do I Need it?
Flood insurance is a specialized insurance policy designed to protect homeowners and renters from the financial devastation caused by floods. Floods can result from various factors, including heavy rain, storm surges, melting snow or infrastructural (e.g., broken dams or levees) failures. Regardless of the cause, they can lead to significant property damage and financial loss.
With these threats in mind, there are several advantages of having flood insurance, such as the following:
- Protection for uninsured events—Standard homeowners insurance policies typically exclude flood damage. Without flood insurance, you could be left to cover the costs of repairs and replacements on your own.
- Mandated requirements—If you live in a designated flood zone and have a mortgage from a federally regulated or insured lender, you may be required to purchase flood insurance.
- Peace of mind—Floods are unpredictable, and their aftermath can be devastating. Having flood insurance provides peace of mind, knowing that you are financially protected in the event of a flood.
How Does Flood Insurance Work?
Although private insurance companies may also offer coverage, flood insurance is often available through the Federal Emergency Management Agency’s National Flood Insurance Program (NFIP). Regardless of how you acquire your flood insurance, doing so can establish a binding contract between you and your insurance provider to ensure you have the funds and resources to recover from covered losses. You should be aware of any deductibles and waiting periods that may apply to your coverage.
What Does Flood Insurance Cover?
Flood insurance primarily covers the following two categories:
- Building coverage—This covers the physical structure of your home, including its foundation, walls, roof, electrical and plumbing systems, appliances and built-in features (e.g., cabinets and staircases).
- Contents Coverage—This can financially protect your personal belongings, including furniture, electronics, clothing and other possessions damaged or destroyed by floods.
Get the Right Coverage
At Insurance Partners of Kansas, our knowledgeable and experienced team is dedicated to making sure you have the coverage needed to secure your finances and future. Contact us today to get a personalized quote or learn more.
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