Does Standard Homeowners Insurance Cover Flooding?

Are you a first-time homeowner? If so, congratulations! After all, buying your first Standard Homeowners Insurance is an exciting experience. It can also feel stressful and overwhelming. This is because homeownership is a huge responsibility.

First of all, you need to make sure to shop for homeowners insurance policies that provide coverage against the unexpected, including flood insurance.

Now you’re probably wondering, does standard homeowners insurance cover flood damage? Fortunately, this article can help. Here we look at what you need to know about buying a rain and flood damage policy in areas of the country with flood zones. Keep reading to learn more.

Why Standard Homeowners Insurance Is Necessary

There’s no denying that homeowners insurance coverage is expensive. So why worry about purchasing coverage for your home?

For starters, mortgage companies require home buyers to purchase homeowner’s policies before they will approve loan applications. This is due to the fact that they want to know the property is protected in case of fire or a natural disaster so they can recoup their money.

Surprisingly, it’s not against the law to fail to insure your home. Unlike car insurance coverage, the government stays out of the matter.

It’s extremely important to understand that aside from the requirements of your mortgage company, purchasing homeowners coverage is one of the smartest decisions you’ll ever make.

Why? Because if you’ve experienced any type of physical damage such as being blown away by a tornado or burning to the ground, you’ll be glad you invested in the necessary coverage to make repairs or buy a new home.

Different Types of Coverage

Now let’s take a look at the different types of homeowners coverage offered by most insurance companies. This will help you understand what you might need for your home.

  • HO-1 is the most basic type of homeowners policy, offering coverage. It only offers protection for the dwelling.
  • HO-2 is called a broad-form policy. It goes beyond HO-2 by providing coverage for personal belongings and additional perils.
  • HO-3 is the most common type of policy. Also known as special form, it provides coverage for the dwelling, your belongings, and liability coverage.
  • HO-4 is designed specifically for renters. This type of policy provides coverage for belongs and liability coverage but doesn’t cover the dwelling.
  • HO-5  is comprehensive homeowners insurance. This type of policy is typically only offered on brand-new homes.
  • HO-6 is condo insurance. It covers the structure, the personal items inside, and the owner’s liability.
  • HO-7 is for mobile homes. It’s similar to special form, except that it covers mobile homes rather than standalone houses.
  • HO-8 is a policy designed to provide coverage for older homes. It can also be purchased for historically significant houses.

How to Choose the Right Policy

When it comes to determining the exact type of coverage that’s best for your home, there are a few things to consider.

The first thing you’ll need to do is talk to your mortgage company. Keep in mind that every mortgage company has a different set of policies and guidelines for the type of insurance coverage they require.

It’s also important to consider the value of your home. After all, the more expensive the house is, and the higher the value of your possession, you’ll want to be sure you have enough coverage to replace everything lost in a fire, flood, wind storm, or any other type of disaster.

Buying comprehensive coverage can be a significant expense, but failing to do so could place you in severe financial peril.

What Is Flood Insurance

This type of homeowners insurance is specifically designed to cover damage to a home caused by flooding.

For example, perhaps you live in an area of the country that experiences heavy flooding. When this is the case, there is always the possibility that your property could flood or a nearby body of water could overflow, thus flooding your home.

It’s important to understand that flooding can happen quickly and result in extensive damage. This type of situation isn’t just expensive, it’s also very dangerous. Flooding can create electrical damage, spread diseases, and cause the spread of mold throughout the house.

Do Standard Homeowners Insurance Policies Include Flood Coverage?

It’s important to remember that standard policies don’t include flood coverage. This is mostly because it’s not necessary for every community or neighborhood, but also because water damage repair is expensive. Thus it must be added to your existing homeowner’s insurance policy.

Where to Buy Flood Insurance

The easiest way to buy good flood coverage is to start by talking to your current insurance company. Tell them what you’re wanting and ask to see various options that might be right for your home.

You’d also be wise to look for quality flood coverage online. This is a great way to save money on the type of coverage you need to protect your family.

You can get flood insurance here for your home.

Does Standard Homeowners Insurance Cover Flooding?

It’s no secret that protecting your home from fire, wind damage, and other types of natural disasters should always be a top priority. This includes flood damage. Fortunately, this guide to understanding standard homeowners insurance will help you know what to look for when purchasing the necessary coverage for your house.

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