Getting homeowners insurance quotes can be a little bewildering if you don't have an experienced expert helping you make informed decisions on your policy. If you're a first-time home-owner, it's probable that somebody else set up your policy for you.
Some mortgage firms may need flood insurance if you're in a flood section. In this situation, you almost certainly do have protection from floodwaters causing damage to your home. If your mortgage company does not require flood insurance or if you're not considered to live in a high risk area, you probably do not have flood coverage.
But you will have other coverage on your regular householder policy that seems to be water coverage. There are differences between the sorts of protection these coverages offer.
Water/Sewer Backup Coverage
Water/sewer backup is a coverage endorsement that may be added to your house owner's cover. This coverage will supply protection if water or sewer were to go thru your pipes the incorrect direction and cause flooding and damage in your home. This includes washing machine drainage, toilets, sinks and tubs.
Water Damage Coverage
Depending on the state, your policy will have coverage for damaged or bursting water pipes, steam damage, or other water damage caused inside the home because of broken or leaky pipes. In some states you'll need to ask this coverage, in other states, it is automatically included on an owners policy.
Flood Insurance
Coverage for flood waters rising from unrestrained rain, rising rivers, lakes, streams or other bodies of water can only be covered thru a flood policy that's bought separately from the house owners insurance policy. Assorted insurance firms safeguard flood policies, but the premiums are paid through FEMA (Federal Emergency Management Agency), which is a branch of the US Federal Government.
Do not forget that simply because you aren't in a “high-risk” area does not always mean you will not get flood damage. You simply need to read the accounts of folk in the Midwest who lived in a low-risk flood sector and lost everything to flood. Most did not have flood insurance. The better news is if you live in a risk-free flood zone, your flood insurance fees are quite low. Don't make the error of refusing flood insurance to guard your house.
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