Is flood damage covered by homeowners insurance?
Is flood damage covered by homeowners insurance?
Your standard homeowners policy doesn’t provide flood coverage. It’s important to note that, as a rule, homeowners and renters insurance does not cover damage from flooding.
What should I have in my homeowners policy?
Most homeowners insurance policies provide a minimum of $100,000 worth of liability insurance, but higher amounts are available and, increasingly, it is recommended that homeowners consider purchasing at least $300,000 to $500,000 worth of liability coverage.
Why is it important to have homeowners insurance?
homeowners insurance offers protection for damage or loss caused by events such as storms, fires and theft. Mortgage insurance protects your lender if you default on your mortgage payments. If you’re no longer able to make your payments, mortgage insurance helps protect your lender from financial loss.
