Thursday, June 18, 2015

Homeowners Insurance vs Flood Insurance

Did Noah have Flood Insurance? NOah, he did not!  He was too busy building the ark.  It might have been difficult to collect on the claim any way.

The Lake area has experienced a lot of rain over the last few days, which has led to some questions over what types of water damage is covered under your Lake of the Ozarks Homeowners Insurance Policy. Typically your policy will cover damage to your home and contents by sudden and accidental water events such as a burst pipe inside the home or rain entering the home after wind damage that allows an opening. Most other forms of water entering your home and causing damage are going to be excluded from your homeowners insurance coverage and may be covered if you purchase a separate Flood Insurance policy through your agent or the National Flood Insurance Program (NFIP).

Is There Coverage for Water Damage Under My Homeowners Insurance?


Burst Pipe - Yes. Your policy would normally cover this type of water loss; however if your pipes froze and burst after not leaving on the heat or the home is vacant, then you may not have coverage.

Water Backup from Sewer and Drain - No. This is not covered. You can (and should) have your agent endorse this coverage onto your policy for a small premium charge. Go back and look at this. Remember, best price does not always mean best coverage. Your agent may have left this off to be the bottom dollar winner.

Appliance Leak -  This will likely be covered if the leak is sudden and accidental. Be sure to take immediate action to prevent further damage. Keep in mind the appliance that caused the damage may not be covered due to wear and tear, but the resulting damage would be.

Water Runoff from Rain - NOT Covered. When heavy rains collect and run down the hillside and into your home or condo, you had better have Flood Insurance as this is not covered under a homeowners policy.

Flood Waters -  You Guessed it! NO Coverage.

Flood Insurance Facts:

  • Available through Insurance Agents and the NFIP.
  • There is a 30 day Waiting Period.
  • Maximum Coverage Amount is $250,000 for the Home and $100,000 for Contents.
  • Home claims are paid on Replacement Cost basis and Contents are on an Actual Cash Value basis.
  • NFIP is subject to Federal Codes and not state specific insurance laws.

So, how do we know that the animals did not play cards on the Ark?  Because Noah sat on the deck.

Be sure to talk to your Lake of the Ozarks insurance agent about your specific insurance needs and if they know any other corny flood insurance jokes.

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral



stnaught@naught-naught.com


FOLLOW US ON SOCIAL MEDIA
Facebook 
Twitter
LinkedIn
Google+ 
Pinterest

18 comments:

  1. From the looks the things in this post, it seems like flood insurance is almost completely pointless... it only covers flooding caused by appliances or pipes in your home, and even then only "if the leak is sudden and accidental". You would think flood insurance would at least cover damaged caused by, you know, actual flooding... because it's called FLOOD insurance...

    ReplyDelete
  2. The folks at Headwaters Economics have completed a review of studies, anecdotal evidence, news articles, conversations with insurance industry experts, and analysis of trends and concluded that it is unlikely that insurance rates and policies alone will determine whether or not a landowner decides to build a new home on fire-prone land. Plz at more http://ethanproperty.com.au/regions/joondalup/

    ReplyDelete
  3. Flood damage can happen for an assemblage of reasons. At the point when your property endures water harm because of a storm or in view of disappointments created by sinks, toilets, water radiators, utility lines, or spilling tops, flood damage Miami services help restore your property to its predamage condition.
    read all our real reviews

    ReplyDelete
  4. Effective smells may wait for a considerable length of time or months. While it is feasible for a property holder to stop some of this and restore a portion of the annihilation, a group of experts will be required to bring the building again to its past state.
    Williams Inc Website fix

    ReplyDelete
  5. The members will be relied from this problem as soon as these technicians come to place and get the place back to its original condition.
    Floodspro service company

    ReplyDelete
  6. the reason is to make all aware of its dangers and to make everyone cautious so that each one of us can avoid the chances of water damage in our very own place.
    Floods pro companies

    ReplyDelete
  7. Wow i can say that this is another great article as expected of this blog.Bookmarked this site.. ezfloodrestoration

    ReplyDelete
  8. Flooding is not just a problem for those living near the coastline or rivers either.Water Damage Restoration

    ReplyDelete
  9. SoFree Web Content, greater speculation is required particularly in flood inclined regions. Flood insurance Florida

    ReplyDelete
  10. While these things appear absolutely critical to the vast majority it's the rejections and limits, that are set about by the health insurance organizations, that influence your insurance to wind up significantly more exorbitant. clenbuterol side effects on men

    ReplyDelete
  11. Health is a dynamic state; it improves with exertion, more regrettable whenever overlooked. Methyl-Life

    ReplyDelete
  12. At that point finally I began strolling around 5 minutes every day on my gazelle.. only 5 minutes.here

    ReplyDelete
  13. Simply whatever you dochia seeds vs flax seeds
    , don't stop. A similar thing goes for eating right. In the event that you hop off the wagon and eat dessert one day, that is no major ordeal.

    ReplyDelete
  14. Health is a dynamic state; it shows signs of improvement with exertion, more regrettable whenever overlooked. best light therapy box reviews

    ReplyDelete
  15. In spite of the fact that taking these health supplements now and again might be useful yet it is best to make utilization of the common health supplements present in normal nourishments. Turmericsupplementplus.com

    ReplyDelete
  16. Builds believability with customers and expert associates. You increment referrals. You're seen as a master with a given assortment of aptitude. tracy's profile

    ReplyDelete
  17. I can see that you are an expert at your field! I am launching a website soon, and your information will be very useful for me.. Thanks for all your help and wishing you all the success in your business. Catastrophic Health Insurance

    ReplyDelete
  18. Truth be told, the positive idea of "healthy" makes health and fitness compulsion all the all the more charming. URL

    ReplyDelete