It worries me that unfortunately, a lot of people do not have flood insurance. And, when water damage happens to one's house due to a flood, they are often left with a mess and no help from the insurance company. But, it is still important to contact your insurance company if you sustain water damage because sometimes you may have coverage for water damage depending on the situation.
Water damage is covered under a homeowners insurance policy if the problem is due to a storm, such as a tree falling on your roof then rain coming in. So, even if there are storms then a flood, you should be able to get coverage for the water damage due to the storm damage, but the flood damage will only be covered under a flood insurance policy.
It can sometimes be difficult to understand the differences between flood insurance and homeowners insurance when rain water is involved and your explanation cleared it up – thanks
The National Flood Insurance Program is in suspended animation, starting March 1, thanks to congressional wrangling over legislation that would reauthorize it. The Post’s Federal Eye blogger, Ed O’Keefe, explains the legislative drama, which is expected to be resolved within a few days. For home buyers and owners, it means the only source of flood insurance is temporarily unavailable. Not good news if you have flood damage.
I asked Tim Wilson, president of affiliated businesses for Long & Foster, which includes a title company and two mortgage companies, whether the holdup would delay real estate closings. “If FEMA shuts down for a few days, I think it would have very little impact,” he said. (FEMA runs the National Flood Insurance Program, though policies are sold by individual insurance agents.)
All mortgage applications are run through an automated system to determine whether the home they’re financing is in a designated flood area. Wilson said if they don’t get an automated answer within 48 hours, they follow up on that application. Considering that it usually takes 30-60 days to go from contract to closing on a home loan, a few days’ delay getting the flood insurance approval is not likely to delay closings, he said.