A flood can occur at any time, and you need to make sure your home is protected by an adequate insurance policy. There are many “flood” policies available, but not all of them are created equal. There is actually a difference between an inland flood policy and regular flood insurance. Learning about what is covered by an inland flood policy can protect your home from outside sources of water that can cause flooding to your home.
Inland flood insurance vs. coastal flood insurance
Before you proceed with purchasing flood insurance, you need to make sure you understand what each policy covers. This is going to ensure you have the best protection for your home given the unique factors you might experience in your local area.
Inland flood insurance
- Overflow from streams, rivers, etc.
- Bodies of water that do not drain properly
- Water sources that carry mud, resulting in mudflow
Coastal flood insurance
- Damage from saltwater flooding from the ocean or sea.
These are the main differences between the two policies. Inland flood insurance is meant to cover those perils that are caused outside of the home but can eventually cause damage to the home. These risks are often large bodies of water nearby that can create flooding unexpectedly. You want to make sure you have an inland flood policy in place if you live in an area that is at risk of this situation occurring.
What is covered by inland flood insurance?
Even if you are not located in a high-risk flood zone, having an inland flood insurance policy in place is useful. These situations might not be likely to happen, but you will have protection for your dwelling in case they do occur. In case of sudden or unexpected flooding, an inland flood policy will protect you with limits from $5,000 to $50,000. These limits can be set according to your preferences. You will have protection for a variety of structures and items with this policy.
- Dwelling
- Sheds, pool houses
- Basement
- Basement personal property
- Crawl space
- Debris removal
- Loss of use
It is also important to consider what is excluded from an inland flood policy. This will help you determine if you need any additional coverage in place to fill in the gaps. Some common exclusions include the following:
- Personal property outside the dwelling/other structures that are not fully enclosed
- Any structure or personal property located on or over water
- Open structures
- Vehicles
- Lawns, trees, and shrubs
- Securities, legal documents, and money
- Underground structures and equipment
Why purchase inland flood insurance?
In case you are not located in a high-risk flooding zone, you still want to make sure you have protection in case a flash flood occurs. These losses are often the most devastating because you are not expecting them. While you never want to use your insurance, it is meant to be there in case you do experience a loss. Having inland flood insurance will keep your home and your belongings safe.
Because homeowners insurance policies do not cover flooding, you want to make sure you have some sort of protection. This is one of the main reasons people choose inland flood insurance. It only takes a small amount of water to cause damage to your home, so being aware of what is protected can help save you money on countless repair bills.
- Inland flood insurance protects you from flooding that is often excluded from your homeowners insurance policy.
- Flooding can be very destructive and costly.
- Even when you do not live in a high-risk flood zone, you can still benefit from inland flood insurance.
- There is a difference between inland flood insurance and regular flood insurance.
- The coverage is very flexible to suit your needs and maintain a budget.
Frequently asked questions
Why do I need inland flood insurance coverage?
Inland flood insurance coverage can help you recover from expensive water damage due to flooding from unexpected events, such as heavy rainfall, snowmelt, or flash floods. If you live in an area that is prone to these types of events, you may want to consider adding this coverage to your policy. Federal disaster assistance may not be enough or available to cover your losses.
Will inland flood insurance coverage satisfy flood coverage requirements from my lender?
If your lender requires you to have flood insurance coverage for your home mortgage or loan, inland flood insurance coverage may not be sufficient. You may need to purchase a separate policy from the National Flood Insurance Program (NFIP) or a private insurer that meets the federal standards.
What limits are available for inland flood insurance coverage?
The limits for inland flood insurance coverage may vary depending on your insurer and your policy. Some insurers may offer a single limit for both your dwelling and your contents, while others may offer separate limits for each. You should check with your insurer to find out what limits are available and how they apply to your policy.
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Is inland flood insurance coverage available in my area?
Inland flood insurance coverage may not be available in all areas or for all types of homes. Some insurers may only offer this coverage to customers who are not in high-risk flood zones or who meet certain eligibility criteria. You should contact your insurer to find out if inland flood insurance coverage is available and suitable for your home.
Conclusion
Inland flood insurance contains valuable coverage that can protect your home from a range of different risks. It is easy to add to any policy, many times coming in the form of an endorsement. This is an add-on that can be attached to your policy to extend the coverage. If you are interested in getting inland flood insurance, the best way to proceed is to ask your agent about the options you have available.
