Do You Have Flood or Water Backup & Sewer Insurance?
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Kristine from Snohomish asks: What is the difference between Flood Insurance and Water Backup & Sewer Coverage? Let me start by letting you know that these coverages are not on your Standard Homeowners policy. You would need to add them on separately as a separate policy in the case of Flood Insurance Policy and as an endorsement in the case of Water Backup and Sewer policy.
Flood insurance is run by the Federal Government. Floods (NFIP) can happen anywhere — just one inch of floodwater can cause up to $25,000 in damage. Most homeowner’s insurance does not cover flood damage. Flood insurance is a separate policy that can cover buildings, the contents in a building, or both, so it is important to protect your most important financial assets — your home, your business, your possessions.
The National Flood Insurance Program provides flood insurance to property owners, renters, and businesses, and having this coverage helps them recover faster when they have a claim and the floodwaters recede.
The NFIP lets you insure your house for up to $250,000 and your personal property (contents) for up to $100,000. If you rent, you can buy up to $100,000 in coverage for your belongings. For non-residential property, you can buy up to $500,000 of coverage for the building and contents.
Water Backup and Sewer is an endorsement to your homeowner’s policy. It is inexpensive and can be added on to most homeowner’s policies. This coverage provides protection if you have a sewer back up through pipes sewer drains and sump pumps. This provides protection if water backs up into your home from a toilet, pipes, sewer drains, and sump pumps. You, the homeowner, would have to choose the limits you feel comfortable with. You can get coverage from $5000 to $50,000 all depends on the carrier. As stated earlier both Flood and Water Backup and Sewer coverages are not covered on a standard homeowner policy. You need to add these coverages to your homeowners.
It is crucial for you to discuss these coverages with your agent. This again is "Ask your Insurance Pro a question.©” If you would like to ask a question and have it answered in our next featured video, then send your question via email, Facebook, Twitter, Instagram, or Google and we will make sure your question is answered in a future episode of “Ask your Insurance Pro a Question.©” I hope this was informative and that your question was answered. Have a great day!