What Does Flood Insurance Protect Against?

Video Transcript

"This is John Pinelli, financial representative, talking to you today about flood insurance. Many homeowners insurance policies do not cover flood damages that can occur to your property. So you may want to seek out some flood insurance to sort of supplement your home owners policy in the event that flooding damage could occur. Now, when people think of flooding they think of maybe hurricane Katrina where you've got 10-15 feet of water up in your home and this may not always be the case and flood insurance can help to cover that as well as covering smaller like water type damages. Maybe an inch of flooding, slight water damage to floors, ect. And these damages can add up fairly quickly. If you think about it, if you had just one inch of water flooded in your house. How much damage that would cause to your flooring of the house and how expensive potentially that could be. If you had carpets there might be mold and they could be completely ruined. Your floorboards could be warped and potentially this could be quite a major expense for people to cover with just one inch of water within their home. Now you're talking a few feet there's quite a bit more damage so you can see how quickly these damages could potentially add up and why it may be important for you to supplement your home owners policy with some flood insurance to protect you in the event of some sort of flood or type of water damage that could be very expensive. So flood insurance can widely range in price. If you are in an area that is highly prone to flooding it may be extremely expensive or you might not even be able to obtain that coverage where as if you're in the desert somewhere obviously it's going to be very very cheap to obtain this coverage and very easy as well. Basically the more risk the insurance company takes on the more they're going to charge you in premiums, or they may not even offer the coverage to you. So it's important if you're seeking flood insurance coverage to consider your area and to see what they offer for you in that area. This has been John Pinelli, financial representative talking to you today about why it's important to have flood insurance."