Surprisingly, many people still don’t understand that losses due to flood are not covered with a standard homeowners’, condo, renters, or any other type of property insurance policy. Losses due to floods are only covered by a flood insurance policy.
Some might also think that they are immune to floods being that Tuscon, Arizona has only an average of less than 12-inches of rain per year. However, due to half of that rain coming in July, August, and September, Arizona’s monsoon season, the rocky soil doesn’t have a chance to soak up the water, often resulting in flash flood conditions.
Mooney Insurance has knowledgeable agents who can assist you in finding flood insurance for your property. We can help to identify your flood risk and help you secure coverage through the National Flood Insurance Program (NFIP).
Required Flood Insurance Coverage
If you live in certain areas that have a greater likelihood of flooding, and you have a federally regulated or insured mortgage, federal law likely requires you to have flood insurance.
If, however, you don’t live in the flood-prone area, or don’t have a federally regulated or insured mortgage, your home could still be at risk, and it’s a good idea to consider flood insurance.
When to Buy Flood Insurance
The best time to buy flood insurance is today. Waiting for a rainy forecast isn’t a good strategy as there is a 30-day waiting period before flood coverage takes effect. Exceptions to this rule are made only for certain conditions, such as when you have bought a new home and the closing is fewer than 30 days away.
What is Covered by Flood Insurance?
The definition of a flood is: A general and temporary condition of partial or complete inundation of 2 or more acres of normally dry land area or of 2 or more properties (at least 1 of which is the policyholder’s property) from:
- Overflow of inland or tidal waters; or
- Unusual and rapid accumulation or runoff of surface waters from any source; or
- Mudflow; or
- Collapse or subsidence of land along the shore of a lake or a similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
As you can see from the definition above, not all water damage is considered flood damage. For example, losses due to water and sewer backup do not fall under the definition of flood. To cover a loss such as that you would need to have a water and sewer backup endorsement on your homeowners insurance. Similarly, if a pipe bursts and causes damage to your home, it would not be covered by flood insurance either.
National Flood Insurance Program
The communities in and around Tucson participate in the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). While this is a federal program, flood insurance is purchased through insurance agents that offer flood insurance such as here at Mooney Insurance.
Contact Mooney Insurance for a Flood Policy Quote
Protect your finances as well as your home and personal possessions with Mooney Insurance. One of our experienced insurance agents can help you find the right flood coverage and other personal policies to suit your life situation and help give you peace of mind. Contact us today to receive a personalized, no-obligation, insurance quote, and consultation – You’ll be glad you did.
