Posted by Delfina
on 8/28/2009, 9:11 am, in reply to "TS Danny - Long Island and New England"
This applies regardless of where you live - the regulations are the same - your regular homeowner's insurance policy DOES NOT COVER DAMAGE CAUSED BY RISING WATER, regardless of where the water comes from. Broken pipe, sewer backup, rising water from a storm, it makes no difference. You must have a separate flood insurance policy, or you will be SOL when it comes to having insurance cover the loss.
Five things to know about flood insurance: 1) It's incredibly inepensive 2) the premium must be paid in full when the policy is written - no payments or rolling it into a house payment (this is because flood insurance is administered nationally by FEMA, even though it is purchased through your regular insurance agent 3) there is a 30-day waiting period between the date of policy purchase and the date the policy takes effect (unless your property is a new purchase or a 100% refinance). Any loss incurred during that period of time will not be covered 4) flood insurance policies cannot be written on your property once there is a named storm AND your property is within the projected track of that storm - the prohibition is lifted once the storm dissipates (if your property is not within the projected track of an existing storm, you may purchase flood insurance but the 30-day waiting period will be in force. 5) Don't think that just because your property is not technically in a flood zone, it can't and won't happen to you. It can.
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