Hurricane Flood Lessons:
What if someone told you, flood insurance is more important than hurricane insurance? Would you believe them?
What if someone told you, spending an average of $400 a year can prevent you from paying $30,000 in property damage after a flood? Would you do it?
The past few hurricane seasons have taught us the importance of flood insurance. The images of New Orleans being inundated by water after Hurricane Katrina while families climbed on to their roof tops searching for help from rescuers using water vessels are unforgettable and will remain forever in our minds and heart
During hurricane Katrina 300,000 homes were left uninhabitable and it cost over $125 Billion dollars worth of damage. Of this, over $15 Billion dollars in losses were caused by flooding, not covered by a typical homeowners insurance policy.
More recently Hurricane Harvey devastated Houston by dumping more than 50 inches of rain in 2017, yet another costly hurricane causing widespread and massive destruction from flood. Despite Houston being prone to flooding, over 80% of residents did not have flood insurance.
All Water is NOT created equal
When a hurricane affects your area and there is water damage, most would assume the damage was caused due to the hurricane and if you have a homeowners policy you are covered. This is not the case, a homeowners policy covers sudden and accidental mishaps. For example, a hurricane affects your area causing a tree to fall and make a hole in your roof which allows rain to damage your property. Typically this is a sudden and accidental event, and would be covered by your homeowners policy. Flood damage, however, is not sudden and accidental. Although there may be flash flooding, rising water is considered a gradual event and not covered by your homeowners insurance policy.
How to tell if your home has experienced a flood
Your homeowners insurance will cover sudden and accidental damage caused by a covered peril, such as a hurricane. When the wind blows and a portion of your roof flies away, the water coming from above will cause damage to your home. If however, during a hurricane the ground becomes saturated, and the water rises from the ground and into your home, this is flood damage. In essence, you can determine if you have experienced a flood like this:
Water falling from the top down = accidental damage
Water rising from the bottom up = flood damage
Insurance is expensive, and it is purchased hoping you will never have to use it, it is the cost of peace of mind.
If you knew spending an extra $400 a year can save you $30,000 in damage; would you spend it?
A Florida Peninsula homeowners policy does not include flood coverage, as it is an excluded peril with most homeowners policies. However, Florida Peninsula does offer a flood endorsement for qualifying homes and your agent may have alternative flood products to fit your needs. Ask your agent, how they can help you find the proper coverage or call us at 877-229-2244.
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