The typical Homeowners (HO-3) policy, under SECTION I – PROPERTY EXCLUSIONS, excludes “water damage” caused by:
(1) Flood, surface water, waves, tidal water, tsunami, seiche, overflow of a body of water, storm surge or spray from any of these, whether or not driven by wind, including hurricane or similar storm.
(2) release of water held by a dam, levee, dike or by a water or flood control device or structure.
There are two primary reasons it is necessary to exclude “flood” from a homeowners policy:
National Flood Insurance Program (NFIP)
If your property is located in a floodplain and your community participates in the NFIP, you can purchase flood insurance coverage. Your lender may require flood insurance as a condition of your loan. The NFIP is administered by the Federal Emergency Management Agency (FEMA), which works closely with nearly 90 private insurance companies to offer flood insurance to property owners and renters through authorized property and casualty insurance agents.
AMERICAN INSURANCE is authorized to offer NFIP flood insurance. Rates are set and do not differ from company to company or agent to agent. These rates depend on many factors, which include the age and type of construction of your home, along with your building's level of risk for flood loss.
For more information and a quotation for flood insurance please contact us.
For answers to related questions click: WATER DAMAGE ~ Am I Covered?
The content of FAQ articles are general in nature and are not intended as a substitute for professional legal, financial, or insurance counsel for individuals. Insurance coverage forms vary by issuing company and by state. For specific advice contact us.
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