About Flood Insurance
These are some factors (not all) that Heritage Insurance Agents will assess in determining which of our companies fits your risk management needs. We will then shop the price to ensure the best fit within those companies.
A flood is a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder's property) from one of the following:
- Overflow of inland or tidal waters
- Unusual and rapid accumulation or runoff of surface waters from any source
- Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
Frequently Asked Questions (FAQ's) on Flood Insurance:
These are the three most frequently asked questions about flood insurance asked to our Heritage Insurance Agents.
Does my homeowners insurance cover a flood?
No, typically homeowners insurance does not cover damage in the event of a flood.
Why do I need flood insurance, even though my community has never been flooded?
Flooding occurs in moderate to low risk areas as well as in high-risk areas. Poor drainage systems, rapid accumulation of rainfall, snowmelt, and broken water mains can all result in flood. Properties on a hillside can be damaged by mudflow, a covered peril under the Standard Flood Insurance Policy. In high-risk areas, there is at least a 1 in 4 chance of flooding during a 30-year mortgage. For these reasons, flood insurance is required by law for buildings in high-risk flood areas as a condition of receiving a mortgage from a federally regulated or insured lender.
Will damage-preventing measures I've taken be reimbursed by my Flood Insurance Policy?
Some will be. When your insured home is in eminent danger of being flooded, you may receive up to a $1,000 reimbursement for your damage-preventing expenses. Things like renting storage space to protect your belongings, buying sandbags and lumber to make a barricade, and renting pumps are all things that qualify for reimbursement. No deductible is applied to this coverage.