FLOOD INSURANCE: IT’S NOT JUST FOR RIVER DWELLERS

We've all seen media coverage of the incredible devastation wrought by this year's spring floods. Even homes miles away from any type of water are regularly affected by floods and flood related mudslides. Unfortunately, the vast majority of those who suffer damage do not carry flood insurance and "flood" is one of the primary exclusions on a typical homeowner's policy. Flood insurance is not difficult to purchase, but there are limitations and restrictions to "wade" through, such as:

• Water entering your home from snow melt is not covered under a flood policy unless surface water or mudflow covers 2 or more properties, or an area of at least two-acres is affected.
  
  
• The maximum property coverage you can purchase through this program is $250,000 for a private dwelling, and $100,000 for contents.
  
  
• Coverage for property in a basement or sublevel is very limited to building and equipment only.
  

Typically, there's a 30-day waiting period from date of purchase before your policy goes into effect. However, if Flood insurance is required for your closing, there is no waiting period for the policy to take effect.