Indianapolis Real Estate, Flood Plains and Homeowners Insurance

 Last weeks rain and subsequent flooding in several locations around the state have left many homeowners wondering if they will ever return to the place they called home. They are digging out their belongings, trying to salvage what they can, while they wait for the waters to recede and a “good word” from their insurance company. Many may not get the news they hope for.

While some of the flooded areas were in a flood plain and more than likely, covered by flood insurance, many were not. The outcome could have a devastating effect on cities and communities throughout Indianapolis and the state; more importantly, the people who live there. There were floods in places which never flood and we’re talking Indiana here. Did you know our average precipitation is 35–40 inches a year? Even so, many were not and could not be prepared for this devastation.

 Will Your Insurance Cover Water Damage?

The home of one of my clients took in water in the basement when the electricity went out, causing the sump pump to fail. Now, this may not be a flood or rain issue as it pertains to their homeowners insurance coverage, however, they still may not be covered. Why? They were transferred out of state and the insurance may not cover the claim since they were not living in the home.

Apparently, they should have notified the insurance company and changed their coverage when they moved from the home.  If you are transferred or not living in your home, be sure you notify your insurance company to maintain the proper coverage for your home. One more reminder: make sure you have a battery back-up for your sump pump.