If you own a home, there is no doubt you need homeowner's insurance. Homeowners insurance will cover your property in the event of some type of loss, including a fire, a theft, or if someone were to fall and become injured while on your property. But some homeowner's insurance policies don't cover certain events, like flooding. So it's important for you to understand exactly what is covered under your home insurance policy, and talk to your insurance agent so you can be certain you have all the necessary coverages in place.
Flooding Insurance Rider
Flooding insurance is a complex thing. Since flooding can come from a variety of different sources, such as plumbing failure, rivers, or a surge after a bad storm, your homeowners policy may not cover flooding that comes from an Act of God, it will only cover the flooding if your have a plumbing failure.
However, if you live in an area where floods are common, you will be required to purchase a special flood insurance policy provided by the United States Government. The National Flood Insurance Program helps those who live in areas that are prone to flooding, and the cost of the policy is determined by your communities effort to help minimize the flooding risk.
Natural Disaster Coverages
Some natural disasters are usually excluded from your basic home insurance policy, but you will be able to purchase additional riders to ensure coverage. The disasters that are not usually included are:
- Earthquakes and other earth movements. A sinkhole and landslide are considered an earth movement are not usually part of your basic home insurance policy. Earthquakes are not usually part of your coverage if you live in an area that sees little to no earthquakes, but if you live in a part of the country where earthquakes are common, you will be able to have an additional endorsement policy for earthquakes.
- Hurricanes. Obviously this is not a coverage you will need if you live in a part of the country that never sees hurricanes. If you live on the coast, however, you will need to discuss what's covered under your basic policy and what's not with your insurance agent. In hurricane-prone areas, you should have no problem purchases additional riders and endorsements to cover any losses you may incur when a hurricane strikes.
Your basic home insurance policy certainly covers a wide variety of things, and these special endorsement are in place in order for you to ensure you have all necessary protection. Your best bet it to sit down with your insurance agent to find out more about your own specific policy. Contact a company like Hamrick Insurance for more information.