As residents of Sumner, WA, we understand that the prospect of flood damage can be daunting. It’s vital to have flood insurance to protect your home and personal property from flood damage, even in areas that are not prone to it. However, a common question we get at Insurance Alliance LLC is whether flood insurance covers the replacement cost of a house in severe flooding.
Here’s what you need to understand:
The Limitations of Standard Homeowners Insurance
It’s a common misconception that standard homeowner’s insurance policies cover flood damage. However, this is not true. These policies do not cover damage from floods, so purchasing flood insurance separately is essential.
What Does Flood Insurance Cover?
Flood insurance is designed to help cover the cost of repairs or replacement of your home and personal property in the event of flood damage. However, it’s important to note that the coverage you receive will depend on the policy and your coverage type.
Coverage Options for Flood Insurance
Sumner residents have two options for flood insurance coverage:
- Standard Flood Insurance: This type of policy covers repairing or replacing a house and personal belongings damaged by floodwaters.
- Excess Flood Insurance: This policy type provides additional coverage on top of the standard policy limits. It can be particularly beneficial in catastrophic situations like severe flooding.
Does Flood Insurance Cover the Replacement Cost of My Sumner, WA House?
It depends on the policy. Standard flood insurance policies provide coverage up to a specific limit. If your house exceeds this limit and is declared a total loss, it may not provide enough coverage to replace your home entirely. In this case, excess flood insurance could provide additional coverage for rebuilding or returning your home.
Reach Out To Us
Insurance Alliance LLC can help you understand your flood insurance coverage options. Feel free to contact us today to discuss your unique needs.