Insurance Coverage for Summer Storm Damage
“If my home is damaged by a summer storm, will my insurance cover repairs?”
By Sandra Block, From Kiplinger’s Personal Finance, June 2014
Where water-related damage is concerned, the answer depends on whether the water came from above or below. In general, if the damage was caused by wind-driven rain that came in through your roof, windows or doors, your insurance will cover the cost of repairs.
But if the damage is caused by flooding, a far more common problem during storm season, your homeowners insurance will not cover it. The only way to protect yourself from flood-related damage is to buy flood insurance from the federal National Flood Insurance Program. Premiums range from about $200 a year to more than $2,000, depending on your area’s risk of flooding.
Never assume you don’t need flood insurance just because you don’t live in a coastal area. In 2011, torrential rainfall from Hurricane Irene caused widespread flooding throughout the Northeast. Vermont was hard hit, and many of the victims didn’t have flood insurance. “A lot of Vermont residents never thought they’d be involved in major flooding,” says Richard McGrath, chief executive of McGrath Insurance Group, in Sturbridge, Mass.
You can purchase federal flood insurance through a local insurance agent. Don’t wait until storm clouds gather to buy a policy; typically, there’s a 30-day waiting period before premiums take effect. For price quotes, go to FloodSmart.gov.