When you live near the water, there is always a risk of flooding. In fact, floods are the most common and expensive disasters affecting homes in the U.S. If the waters of the White River and Geneva Lake were to rapidly rise, some homeowners could find themselves underwater – literally. Even inland flash flooding caused by melting snow or downpours can take unsuspecting homeowners by surprise, including those who do not live in ‘high risk’ areas. One in four flood insurance claims is for a property that exists outside a floodplain.
Homeowners Insurance Doesn’t Cover Flooding
Glass Insurance Center writes flood insurance for all of Walworth and surrounding counties. With flood insurance, you can relax knowing that your property and personal belongings are covered when the waters start to rise. In Wisconsin, traditional home insurance does not cover flooding. While many carriers cite water damage as a covered event, they typically exclude groundwater flooding; that is, water that rises on the ground outside before coming into your home.
In many areas, devastating floods only come around once every hundred years. In others, they can occur more frequently. If you find yourself the victim of such a flood, the cost of water damage restoration will not be a drop in the bucket. According to the National Flood Insurance Program, the average claim cost for flood damage in the U.S. is approximately $30,000. Even small floods can cost thousands of dollars.
For example, just one inch of standing water in a 2,000 square-foot home could cost as much as $2,000 in clean-up fees and over $10,000 for new flooring. That does not account for any damage that may have been done to furniture, appliances, cabinets, doors, base trim, or the electrical system. Add in the loss of other personal belongings, such as floor lamps, shoes, and curtain panels, and you can see how quickly the costs can pile up after a minor flood. The expenditures will only increase with greater flooding, with higher waters capable of ruining electronics, major appliances, drywall, insulation, plumbing, and more.
Flood Insurance in Lake Geneva
At Glass Insurance Center, we help protect you from the hazards that threaten your financial wellbeing. Even if you do not own a house, we can help you find flood insurance that covers only your personal possessions. Like homeowners insurance, condo insurance and renters insurance policies generally exclude coverage for flooding.
We work with insurers who offer flood insurance through the National Flood Insurance Program. It provides a maximum of $250,000 in replacement value coverage for your home’s structure and $100,000 in actual cash value coverage for your personal belongings. We recognize that the average Lake Geneva home and its contents are valued much higher than the limits available through the National Flood Insurance Program. Some homeowners may qualify for supplemental policies that provide additional coverage from private insurers. This can help cover costs that exceed the limits on a primary flood insurance policy, as well as non-covered costs like emergency living expenses.
Keep in mind that when it comes to flood insurance, sooner is always better than later. Once you apply for it, you must wait 30 days for coverage to begin. Talk with your Glass Insurance Center agent about your risk exposure and whether flood insurance coverage could be right for you.