Why Regular Insurance May Not Cover Floods In Virginia

Homes are often the most valuable piece of property a family owns. Many homes make for great investments, gaining value over time. Given the above, it’s important to ensure that homes are adequately insured. Besides traditional home insurance, homeowners should closely consider flood insurance. Anyone who lives near Goochland, VA, and wants to discuss flood insurance should immediately contact Everett Insurance.

Regular Home Insurance May Not Cover Floods

Traditional home insurance covers many things. It’s essential to read the fine print or to discuss coverage with an insurance agent regarding any specific insurance policy. However, home insurance may cover things like theft, fires, or damage caused by hail. Often, home insurance does not cover floods.

Why not? As specific policies have fine print, the reasoning may vary slightly from company to company. However, floods are often called "acts of God," meaning they are immensely destructive and can cause widespread damage. In many cases, general home insurance policies have clauses that exclude certain widespread acts of God events.

These events cause damage on such a scale that the insurance company would struggle to cover all the damages. A fire might damage one home, causing several hundred thousand dollars in damage. A flood could easily damage a hundred houses, potentially resulting in millions or more in damage.

Also, in some cases, insurance policies may not cover what is considered "gradual" damage. If a powerful storm rolls through and knocks a tree onto a home, it’s often considered an accident and sudden event. A general home insurance policy program thus may cover it. Gradual damage caused by wind over time might be regarded as wear and tear and thus not covered.

So what’s the key takeaway? Residents near Goochland, VA should contact Everett Insurance to discuss flood insurance options.