3 Things You Need to Know About Flood Insurance

With the onslaught of this year’s latest October storm, Hurricane Sandy, there have been lots of questions about flood insurance in Connecticut. If you’re one of those folks asking yourself: “What is flood insurance?” and “Do I need flood insurance?”, here are 4 facts about flood insurance that you need to know:

• Water damage from flooding is NOT covered on your homeowners insurance policy. The typical home insurance policy will usually only protect you from water damage as a result of equipment failure; e.g. your sump pump malfunctions or a pipe backs up. THIS is why you should buy a flood insurance policy!
• Flood insurance policies do not become effective until 30 days AFTER THE PURCHASE DATE, which means planning ahead while thinking about buying this kind of policy is crucial.
• A typical flood insurance policy will usually protect you against losses from flood damage, subject to your deductible and provided that the flood water covers at least 2 acres and/or affects at least two adjacent properties, one of which is the insured’s.

This is by no means a comprehensive list—the BEST way to get advice about how to define flood insurance and what you should know when you purchase your policy is by talking with your local independent insurance agent. They are familiar with your unique insurance needs, and as such, can provide the best possible advice for you and your family. If you have any questions about any of your coverage, be sure to contact your agent right away.