Hurricane Damage Questions, Part 2: Flooding and Food New York Times (blog)
31.08.11
A. Generally, no, although there are a handful of exceptions, Ms. Worters said. For instance, she said, a standard homeowner’s policy from Peerless Insurance may cover damage due to flooding that results specifically from a failed sump pump.
But in most cases, flood damage is excluded from standard homeowners’ policies. To have flood protection, you must buy a separate flood insurance policy. While you can buy these policies through your agent, the carrier in most cases is the federal government’s National Flood Insurance Program .
The average flood insurance premium is about $600 a year, although costs in high-risk areas can be significantly higher, and premiums in low-risk areas lower, according to the flood insurance program. There’s usually a 30-day waiting period before coverage becomes effective after you buy it.
Even flood insurance doesn’t cover everything, however. There are often exclusions for damage to basements, Ms. Worters said. Typically, flood policies cover your foundation and mechanical equipment like furnaces and hot water heaters, as well as appliances like washers and dryers. But improvements to your basement, like finished walls and ceilings, and personal belongings you store there, aren’t covered , according to the flood insurance program.
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