Many property owners assume flood insurance is only necessary if a lender requires it or if a home appears on a high-risk flood map. Unfortunately, flooding does not always follow property lines, neighborhood expectations, or historical patterns.
Heavy rainfall, drainage problems, overflowing waterways, rapid development, saturated soil, and changing weather conditions can all contribute to unexpected flooding.
Homeowners Insurance and Flooding Are Different
One of the most important things homeowners should understand is that standard homeowners insurance generally does not cover damage caused by flooding.
This distinction can be surprising after a major storm. Water entering a home because of a covered plumbing loss may be treated differently from rising surface water entering from outside.
Understanding those differences before a loss occurs can help homeowners make more informed decisions.
Flood Maps Do Not Eliminate Risk
Flood maps are useful tools, but being outside a designated high-risk area does not mean flooding is impossible.
Localized drainage issues, intense rainfall, blocked storm drains, nearby construction, overflowing creeks, and changing land conditions can create problems in areas that have not traditionally been considered high risk.
Consider More Than the Structure
A serious flood can damage flooring, drywall, electrical systems, HVAC equipment, furniture, appliances, personal belongings, and other property.
Depending on the policy selected, building and contents coverage may be handled separately. Homeowners should understand exactly what is and is not included rather than assuming all flood policies provide identical protection.
Rankin Insurance Group provides additional information about flood insurance in Lake Norman and Charlotte, including common questions about flood zones, coverage and waiting periods.
There May Be a Waiting Period
Flood insurance should generally be considered before a storm appears in the forecast. Some flood insurance policies have waiting periods before coverage takes effect, although exceptions can apply in certain circumstances.
Waiting until severe weather is approaching may leave very few options.
Know Your Property's Exposure
Every property is different. Elevation, nearby waterways, drainage, surrounding development, previous flooding, and local terrain can all affect exposure.
Rankin Insurance Group serves homeowners throughout numerous North Carolina insurance service areas, including Charlotte, Huntersville, Davidson, Cornelius, Mooresville and other surrounding communities.
Flood insurance is ultimately about preparing for a risk that many homeowners do not expect until they experience it firsthand. Reviewing that risk now can help you make a more informed decision before the next major weather event.