Will insurance cover flood damage to my home?
LEOMINSTER – Residents in Leominster and North Attleboro are preparing for clean-up and repair after a deluge of rain on Monday night led to significant flooding.
Many are left in shock after seeing the impacts of the heavy rain in the daylight. Now some have questions about how helpful insurance is going to be as they try to save what is left.
Here's what you need to know:
- If you have a standard homeowner's, renter's or condo policy — these policies don't cover water damage due to flooding.
- If you have a standard policy for your commercial property — this type of policy typically doesn't cover water damage due to flooding, either. But, some insurance carriers do have limited coverage as an option.
Even if you only have a standard policy, insurance agent Thomas Skelly said that doesn't mean you shouldn't still file a claim.
That's because depending on your carrier and policy - there can be nuances.
"I would take pictures; I would take videos. I would try to dry everything out as much as you can to mitigate the damage. But I would also contact your insurance carrier and say, 'I had a flood, and I had an incident where water has come through my unit or through my home and I sustained damage.' Let them determine whether there is coverage or not," Skelly said.
There is something known as the National Flood Insurance Program, which does cover loss from flood damage. But:
- Flood insurance has a 30-day wait period. Meaning, it is not instantaneous. When you apply, it takes 30 days for the policy to go into effect.
- Also, it's important to note that the flood policy offered for a structure (building) is separate than the policy for flood policy for your personal belongings.
What about State and Federal disaster relief?
- First you have to make a disaster declaration, and then you'll need to be deemed eligible.
- If both of those things happen, there's another important piece of information you need to know: State and federal financial relief is a loan. You will have to pay that back.
What about my car impacted by flooding?
If you carry comprehensive coverage on your car or SUV – then you will be covered for any damage sustained by a flood.