Does Your Home Insurance in New Bedford Cover Flood Damage?
The best way to find out if your New Bedford homeowners insurance policy covers you for a specific type of event is to contact your local insurance provider directly. Every company is different, every policy is unique, so it is always best to go over your MA homeowners insurance policy with your agent. When it comes to flood insurance in particular, there are a lot of things that must be considered. Approximately $10 billion in damage is experienced across the United States due to flooding. While certain states, including Texas, Oklahoma, and Kansas, are in the top list of those hardest hit by flooding damage, many other areas, including the East Coast and Southeastern states, also experience a lot of flooding due to storms and other types of extreme weather. But what about flooding due to a water pipe breaking or rapid snow and ice melt? Speak with your New Bedford home insurance provider to discuss what is covered – and what isn’t – as well as what your responsibilities are concerning flooding as a homeowner.
What is a Flood?
In the home insurance world, words have very strict meanings. The term flood is used to describe any water that comes from an outside source, such as oceans, rivers, lakes, and ponds. That would mean that water coming from your indoor pipes or appliance is different than what is described as flooding by the insurance industry. Surface water is another term that is used to describe water that can cause damage to your home. The types of water that fall into this category include rain water that touches the ground before seeping into your foundation. The average MA homeowners insurance policy does not cover damage that is caused by the insurance definition of flooding or surface water flooding. A separate policy that covers floods can be purchased for those who are at risk, which is appropriately called flood insurance.
While it is still crucial that you speak with your New Bedford homeowners insurance agent to discuss what is covered in your policy, many policies provide coverage for other types of water damage. Roof leaks, broken pipes, and overflow damage caused by an appliance would likely be covered. However, as with any other type of home insurance in New Bedford, the homeowner does have certain responsibilities in order for a claim to be covered. If you neglect your roof and never have it inspected or repaired when damage occurs, you will likely not be covered if a roof leak causes significant damage within your home. The same goes with your appliances. If they are old, damaged, or otherwise in disrepair and an overflow occurs as a result of these issues, your claim might not be covered. To find out more about coverage and property owner responsibilities, speak with your local home insurance agent.
Why Doesn’t Insurance Cover Floods?
Flooding and surface water flooding are not covered by insurance companies as part of standard home insurance policies because this type of damage to a home is very common and results in very serious damage that simply cannot be covered by insurance companies. With more than $10 billion in damages each year due to flooding alone, the insurance industry would be bankrupt and unable to provide coverage for other types of losses if it was included as part of a standard homeowners policy. On the other hand, if flood insurance was required as part of a standard policy, the cost for such coverage would be so high that many homeowners would not be able to afford it.
If you live in an area that has been pre-determined to be a flood zone, you should make it a priority to speak with your New Bedford home insurance agent about getting a separate policy. If you are a new homeowner, your lender likely required you to get such coverage before signing off on your home purchase. If you aren’t sure what the likelihood of flooding is in your area, contact Borden Insurance Agency and speak with one of our agents about your MA homeowners insurance policy. We can answer any questions you might have about your current coverage, offer insight and pricing into additional policy options, and help you get set up with comprehensive home insurance in New Bedford and the surrounding South Coast area. Call today at 508-999-3636 to speak with one of our agents or get a free quote for New Bedford homeowners insurance.