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FLOOD INSURANCE Homeowner's insurance excludes most water damage. It excludes damage done by the overflow of a body of water, tidal water, waves, surface water, or flood, regardless of the source or proximate cause. The exclusion also applies to spray from any of these water events, whether or not driven by wind. The Flood Insurance policy defines flood as partial or total inundation of normally dry land by water from virtually any source. It even includes mudflow, which is defined as a river of mud. If you are in a flood area or not, you can obtain insurance coverage. Outside of the flood area, you qualify for a Preferred Risk Policy. Flood insurance coverage in a basement
If you purchase flood insurance, whether in the standard plan or the preferred risk plan (PRP), there are limitations to coverage to personal property that is located in the basement.
Under Coverage A-Building Property, the following are considered part of the building “if installed in their functioning locations and, if necessary for operation, connected to a power source:” (these would not be included if only stored in the basement)
1. central air conditioners
2. cisterns and the water in them
3. drywall for walls and ceilings in a basement and the cost of labor to nail it, unfinished and unfloated and not taped, to the framing
4. electrical junction and circuit breaker boxes
5. electrical outlets and switches
6. elevators, dumbwaiters, and related equipment, except for related equipment installed below the base flood elevation after 9/30/1987
7. fuel tanks and the fuel in them
8. furnaces and hot water heaters
9. heat pumps
10. nonflammable insulation in a basement
11. pumps and tanks used in solar energy systems
12. stairways and staircases attached to the building, not separated from it by elevated walkways
13. sump pumps
14. water softeners and the chemicals in them, water filters, and faucets installed as an integral part of the plumbing system
15. well water tanks and pumps
16. required utility connections for any item in this list, and
17. footings, foundations, posts, pilings, piers, or other foundation walls and anchorage systems required to support a building
Basement cleanup is also covered under building coverage.
Under Coverage B-Personal Property, property in a basement, is limited to the following items, if installed in their functioning locations and, if necessary for operation, connected to a power source:
1. air conditioning units, portable or window type
2. clothes washers and dryers and
3. food freezers, other than walk-in, and food in any freezer
This is based on the Standard Flood Insurance Policy, dated May 1, 2005.
There is no coverage for carpets on the floor, wood trim, paneling, or any furniture or personal property located in the basement.
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