MIAMI VALLEY, Ohio — As communities across the Miami Valley clean up from historic rainfall.
Insurance agents are seeing more people interested in flood insurance.
News Center 7’s Consumer Reporter Xavier Hershovitz spoke to experts about why.
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It’s top of mind for so many homeowners right now, and many homeowners throughout the Miami Valley have dealt with flooded homes.
Unfortunately for many of them, their homeowner’s insurance won’t cover any of the damage.
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“We’ve had clients in today, you know, with losses that are not covered, looking for options,” said Michael Wagner.
Wagner owns the Wagner Insurance Agency.
When it comes to flood damage, a typical homeowner’s policy doesn’t help.
“Flood is one of the main exclusions on a homeowner policy.
Most homeowners who do have flood insurance have it because their bank requires it.
“If you’re trying to get a mortgage on a new home, and that home happens to be in a higher risk zone for flood, that bank is going to require that you carry flood insurance,” Wagner said.
For those looking to add flood coverage, Wagner said most policies require water backup coverage first.
“This is when a pipe or a drain malfunctions and water comes back up through a drain or a sump pump fails,” he said.
In addition, some companies also offer flood coverage.
“I did a little research,” Wagner said. “It’s $124 a year to add the flood coverage in addition to the water backup.
News Center 7 has also seen many cars underwater.
Wagner said that coverage is included in most auto policies.
“You’ve got two deductibles with auto insurance: collision, which is a little higher deductible, and then your all-other perils or comprehensive coverage,” he said. “Sometimes that’s no deductible or $100 deductible, so you’re going to have a lower deductible for a flood type of event.”
He said it’s important when you are buying any insurance policy to go over not just what is covered but what’s not covered.
You hope you don’t have to use it, but if you have it, you’re sure glad that you thought about it and had that coverage available to you,” Wagner said.
What about renters?
Wagner said renters’ policies often cover contents, so all your belongings.
Insurance also looks at a burst pipe differently than flood water coming in.
So, if a pipe burst in your home, that water damage would be covered, but if flood water came into your home, like we saw this week, that would not be covered.
He recommends you talk with your agent about any specific concerns.
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