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Insurance 101 - The Learning Curve Series: Flood Insurance

What is a flood and does my Home Insurance cover it?

This is a question we get all the time in the fall and spring. First what is a flood? Water seepage, broken pipes, and washing machine overflows are not floods. To see if damage from these perils are covered give your agent a call. A flood has a definition and is paraphrased as water covering land that is normally dry and involves 2 or more connected properties and/ or a certain number of acres.

Flood is usually excluded from a Home Insurance policy and requires coverage backed by the National Flood Insurance Program a division of FEMA.

Flood Insurance may be required by the lender if you live in an area of the 100 year flood plain. Lenders are increasingly asking for flood determintion reports prior to funding a loan. If you are required to purhase Flood Insurance it is important to get an Elevation Certificate to qualify for the best rate.