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When April Showers Bring More Than May Flowers

April 2, 2019

As you sit watching the evening news at almost any time of the year, there are bound to be stories about rising waters engulfing a road, a home, and maybe even an entire neighborhood. As you watch in horror, do you wonder if your current homeowner’s, condominium or renter’s insurance would have you covered if this kind of disaster happened to you?

Unfortunately, the answer is most likely no, unless you have flood insurance. Many people mistakenly believe that their existing policy has them protected. While some homeowners may have flood insurance endorsed on their policies, most policies exclude this peril.

Flood coverage is typically sold as a stand-alone policy. This coverage is uniquely designed to protect property from floods. In simple terms, a flood is an excess of water on land that is normally dry.

Flood policies will provide some coverage against:

  • Damages caused by excessive rainfall or snow melt.
  • Flooding damages caused by a sewer backup if the backup is a direct result of flooding.
  • Water damages caused by hurricanes and tidal waves.

The exact events that some flood policies cover depend on the terms, conditions, and exclusions of the written policy. You cannot purchase flood insurance unless the community you live in participates in the National Flood Insurance Program. This program is managed by the Federal Emergency Management Agency (FEMA).

You might think that you don’t need to worry about flooding unless you live in a high-risk area along a coast.

The fact is, more than 1 in 4 of all flood claims come from outside high-risk flooding areas.

Wherever it can rain, it can flood. It might surprise you to know that floods are the most common and costly natural disaster in the U.S., often running up over $25,000 in damages from as little as an inch of water.

It’s natural to hope for the best, but it’s smart to prepare for the worst. Since your flood insurance policy will not go into effect until 30 days after you buy it, you need to be prepared in advance. If you think your home could be damaged by flood waters, please contact us immediately to find out how to protect your home and its contents before you suddenly have a “lake home” that you didn’t see coming.

CLICK HERE to learn more about Oswald’s Personal Risk Solutions.

For more information, contact:
Sue Penn
Client Executive, Personal Lines


Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.