Flood Insurance in Indiana
One of the most common misconceptions is that a homeowner’s insurance policy will cover damage caused by flooding. Some policies may cover damage caused by sewer or drain backups, but coverage caps are typically low. According to the National Flood Insurance Program, the national average for flood claims is more than $39,000. Homeowners’ policies may not adequately protect you against the cost of repairing any damage.
For insurance purposes, a flood is defined as an excess of water or mud on a surface area that’s normally dry. The flood could take place on two or more acres or on multiple properties and is caused by rapid surface water accumulation, collapse of land along the shoreline, or the overflowing of inland or tidal waters.
Since flooding in Indiana takes place during the heavy rains of spring, it’s recommended to secure a policy beforehand. Most policies do not take effect until a minimum of 30 days after the coverage has been secured. Also, according to Federal Emergency Management Agency (FEMA), claims can be made on a flood insurance policy whether or not the flooding event has been declared a disaster by the president. Areas most likely affected by severe flooding in Indiana are properties along rivers and tributaries. FEMA designates flood zones in each state by releasing maps that highlight the areas. Many properties that fall within these zones are required by law to have flood insurance. However, you do not have to live in a flood zone to purchase coverage.
Looking at flood insurance policies in Indiana can become overwhelming. With the many costs and levels of coverage available, you may not know the right type of policy needed to keep your home protected. Get a free quote online in minutes on flood insurance plans. Independent insurance agents, like the Dennis Insurance Agency in Indiana, have flexible policy terms and competitive rates. Although based in Indiana, the agency does write policies in nearby states including Ohio, Illinois, and Michigan.