“Many people incorrectly assume that regular homeowners insurance covers damage done by floods or rising waters. They don’t realize until it is too late that all basic homeowners insurance policies exclude flood,” says Terry McConnell of Erie Insurance Group. “Only flood insurance will cover losses in the event of a flood.” Flood insurance is available solely through the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP). There is a 30-day waiting period for the policy to go into effect, so it’s important to contact your agent to start the process before storms arrive.
Related posts: