Griffin-Owens and Associates

Yes.  This Spring we have been overwhelmed with the number of calls from homeowners who are experiencing damage from rising water.  Unfortunately, homeowners insurance does not cover floods.  First of all, what is a flood?  Well, here is a definition from the government:

“Flooding is a result of heavy or continuous rainfall exceeding the absorptive capacity of soil and the flow capacity of rivers, streams, and coastal areas. This causes a watercourse to overflow its banks onto adjacent lands.”

If more than one property or more than 1 acre is impacted by the water you have an insurable event.  This means that a flood policy would respond if one was available.  Now, what are your chances of being affected by a flood?  Well, that is a little harder to answer.  However, you can check out NOAA’s weather map  http://www.weather.gov/ahps/ and you can see where there are warnings and watches in place.  Or you can go to the FEMA web site  http://www.fema.gov/ and search “flood” to find lots of good information on the subject.  The government has done extensive mapping of flood plains however, those maps are continuously updated.  Based on changes in the topographical lay of the land due to construction or natural changes, the flow of water in streams and creeks near your home may change over time.  This could mean that your home is in a new (undetermined) flood plain.  You may learn of this change when the water begins to rise and then it is too late.

Another big exposure that homeowners have is the changes they make to the grading near their home during the course of landscaping.  A new garden or tree may divert water toward the house causing it to come in under doors or through windows.   A flood policy may or may not cover you in these cases.  It really depends on whether your flood meets the definition of a flood in the policy.  If more than one adjacent home is impacted chances are it will be covered.

So, is flood insurance worth the money?  Again, the simple answer is YES.  Flood damage is devestating and federal and state aid is not going to restore you to the condition you were in prior to the loss.  Even flood insurance is not a guarantee of complete indemnification.  But, I would much rather have one following a loss than to be dependent on the state for a hand out.