'Does my home insurance policy include flood coverage?' This was a common question when I was selling insurance. At least for the company I worked for, the answer is yes and no - and is very possibly the same for yours, too. I generally knew what the real question was - which is whether there was coverage against general water damage. This was mostly yes, with some notable exceptions. One of those big exceptions to this involved actual flood coverage (as in the river is overflowing into my basement), which was NOT covered. Unfortunately at the time it was very difficult to find this sort of insurance from anyone. The reason is simply that the only people who would want it generally have their home in a floodplain or by a river that may be at real risk of flowing over its banks. The result is that people who would buy the coverage are almost guaranteed to have a big flood claim at least once in their life. The number of claims on such a coverage would likely end up being more than the premium collected to pay for it - unless it was very expensive.
Now damage due to an actual flood can be catastrophic, because it can damage the home, destroy the contents, force the occupants out at least temporarily, and in the longer term can create a severe risk of a big mold problem. It's an important coverage to have if you are at risk of flooding. It's also dangerous to simply assume it's in your policy, or think that 'water damage' is the same as 'flood damage' - because in the insurance world it's not. If you need to be sure, call your insurance company to ask.
Home insurance can cost less - h:ere are a few ideas:
Learn About Insurance. Save Money. Have Peace of Mind.
YOUINSURANCE.NET is a website meant to achieve it's primary purpose, which is to allow you to Learn About Insurance. Save Money. Have Piece of Mind. For me, this has become a bit of a mantra in conceiving of and developing the site, which is why you may see it all over the place here. But really, it is meant to be more than a marketing gimmick - it is the fundamental purpose for this site.
Now if you check out the About Me page, I mention a bit about my experience in the insurance industry. In specifics, I roughly estimate that I have sold something in the neighborhood of 1500 insurance policies, and have in some way been involved with close to 100,000 claims that have circulated through my claims team. Of course only a fraction of the claims were directly handled by me, but I was responsible for auditing, approving, giving instructions, handling complaints, or at least having an influence in the processing of them to a greater or lesser extent. In all this time, I found it somewhat frustrating not being able to give advice to people after reporting a claim as I was not licensed to sell insurance. At the same time as an Insurance Advisor, I was naturally somewhat biased to the product I was selling, and again, I was not in a position to talk much about processes and reasons to things being the way they are. I was also not in a position in that role to talk about how a claim may be handled - because I could not talk for the claims team.
Now given this, and the fact that insurance professionals by being a part of such a regulated industry are not really able to provide even general insurance knowledge to the public as it could cause conflict of interest issues. The result is that there is not very much information available to the buying consumer about general insurance topics that go much beyond simply comparing insurance quote prices. I am now independent of the personal lines property insurance industry, but I have a fair bit of understanding and downright respect for the same industry. The result is this website. Please keep my Disclaimer in mind, and remember I will not offer any direct advice - because I simply can't. At the same time, this site will hopefully help you understand a bit more on how insurance works, and perhaps help you to have meaningful conversations with your insurance company.
I do hope you find it useful and interesting.