Inclement weather can cause havoc in areas of Texas that have seldom been prone to tornadoes and severe storms. Now is the time to review your homeowner’s policy with your insurance agent to see if you qualify for flood insurance. Basement flood insurance has specific covered items you need to be aware of.
- Building Coverage—Your basement is covered under a Standard Flood Insurance Policy (SFIP) provided by FEMA’s National Flood Insurance Program (NFIP). The basic flood policy includes coverage for pumping out floodwater, labor to extract cleaning solutions, treatment for mildew and mold, and drying of structural interior elements and equipment. Examples of items can include furnaces, water heaters, sump pumps, and electrical junction boxes.
- Contents Coverage – This type of coverage is optional and must be purchased separately. Washers and dryers, air conditioning units, and food freezers are common items that need a separate policy.
- Exclusions to Contents Coverage—Personal property, such as computers and furniture, is not covered under basement flood insurance. Finished flooring and dehumidifiers are also examples of coverage exclusions.
There may be some exceptions if items are considered permanent fixtures in the basement. Discussing all items with your insurance agent and providing serial numbers and pictures of personal property that are of concern is a good idea.
SWH Insurance Agency LLC, providing insurance in Fort Worth, TX, and the DFW metroplex, can give you important facts on the basics of flood insurance and provide solutions. Don’t wait until you feel an upcoming storm could bring damage to your underground living area. Most flood insurance policies have a 30-day waiting period for coverage to take effect.
