GREENSBORO, N.C. — One inch. It doesn't seem like a large measurement, but if you get one inch of water in your house it could cost you thousands of dollars.
FEMA has a flood cost simulator. It reveals one-inch of water in your home could cost you $25,000 in damage. Think about it, all your flooring needs to be replaced, maybe some furniture too.
A typical homeowner's policy doesn't cover this. FEMA’s Kurt Pickering said he hears from folks all the time about how they didn’t know that.
“It just boggles my mind to think of having my mortgaged home destroyed and I still have to pay the mortgage," he said.
Flood insurance is a separate policy you have to add to your homeowner's insurance.
Flood insurance covers the loss of furniture, electronics, and clothing along with repairs. With all this rain, you may be wondering if it's too late to get flood insurance?
“Flood insurance has a 30-day waiting period and it's important people understand that. You can't see a storm coming and think, ‘I don't have flood insurance in place, I need to get that done’ and be able to do it right then and there,” explained Christopher Cook of Alliance Insurance Services.
If you rent, your renter's insurance doesn't cover Flood damage.
If your landlord has flood insurance, it only covers the physical structure of the building. You, as the renter, need to buy a renter's flood insurance policy too.
Now to damage caused outside your home. If the saturated ground causes trees to fall, who pays? If the tree falls on your home, your homeowner's policy covers the tree damage. If a tree falls on your car, it’s your auto insurance that pays, but only if you have the right kind. You’ll need comprehensive coverage. It isn’t required, so make sure you have it or you’ll pay for the damage out of pocket.