01/10/2024
Hello everyone, I'm a local State Farm agent. This is a long post but full of information so please take the time read and share.
With several storms impacting our area and many new residents experiencing water issues for the first time, I thought I'd post some information regarding homeowner's insurance and flood coverage.
To begin, every home in the US is in a flood zone. It's the classification of the zone that determines if you're at an increased risk. For example, high risk flood zones start with the letters A or V. They have an expected 1% chance to flood every year. Zone X is a moderate flood risk at an expected .2% chance. You can review your flood map at www.msc.fema.gov. Simply enter your address and see what zone your home is in.
FEMA defines a flood event as A general and temporary condition of partial or complete inundation of 2 or more acres of normally dry land area or of 2 or more properties (at least 1 of which is the policyholder's property) from:
Overflow of inland or tidal waters; or.
Unusual and rapid accumulation or runoff of surface waters from any source; or
Mudslides (i.e., mudflows) which are proximately caused by flooding and are akin to a river of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a current of water and deposited along the path of the current.; or
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.
Homeowner's insurance policies do not cover flood events. However, you may still have coverage if you've experienced a water loss in your home. For most policies if you have a sump pump and it failed or your sewer system has backed up due to flooding that would not be covered under the base policy. An endorsement you can add to the policy is water backup/ backup of sewer. It is called different terms amongst the various companies but mostly a similar phrase or wording is used. With State Farm, this endorsement costs approx. $30 - $80 per year depending on the amount of coverage it awards. It offers coverage for both dwelling and personal property. If you have a sump pump or a wet basement you NEED this endorsement.
The flood maps have not been updated for years in many areas. Much has changed since they were created, and I assume there have been many building projects upriver that impact the surrounding area now more than ever. There are many homes that are located on the edge of Zone X that should consider purchasing Flood Insurance. The cost in Zone X is still much lower than the higher risk zones.
Review your home on the FEMA site listed above and review your homeowner's policy to ensure you have the correct coverage. Contact your agent if you have questions. If you don't have an agent, feel free to reach out to me. If you'd like to modify coverage to your existing policy or get a quote for Flood Insurance, please give my office a call. 908-800-0030
