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Home / Articles by Shachi Bhardwaj / Understanding Home Insurance vs. Flood Insurance

Understanding Home Insurance vs. Flood Insurance

Mortgage Update with Shachi Bhardwaj

As we enter storm season, it’s a good time to clarify some key differences between home insurance and flood insurance, especially as many homeowners might be surprised by what is—and isn’t—covered.

Home Insurance vs. Flood Insurance

Home Insurance: Your standard home insurance policy typically covers damage caused by events like fire, theft, windstorms, and hail. It also includes liability coverage if someone gets injured on your property. But one thing it doesn’t cover? Flood damage.

Flood Insurance: Flood insurance is a separate policy specifically designed to protect you from damages caused by flooding. It covers the structure of your home, foundation, electrical and plumbing systems, appliances, and personal belongings. If you’re in a flood-prone area, lenders often require this additional coverage, and it’s a smart investment for peace of mind.

Flooding vs. Storm Damage

Flooding: Insurance companies define flooding as rising water from a natural source (river, lake, or ocean) that overwhelms normally dry land. This can also include heavy rain or storm surge that causes water to enter your home. Flooding usually impacts multiple homes in a neighborhood.

Storm Damage: On the other hand, storm damage—such as wind or hail damage—is typically covered by your standard home insurance. This kind of damage is caused by weather events that directly impact your property (like a tree falling on your roof), but it doesn’t involve water rising from a natural source.

What You Can Do

It might be worth having a conversation with your insurance agent about whether adding flood insurance or an endorsement to your home insurance policy makes sense for you. If you’re uncertain about your current coverage, this could be a good time to review and make sure you’re fully protected.

As always, I’m here to assist you with any mortgage-related questions.

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Take advantage of our Buy Now, Refinance Later with a No Lender Fee Refinance** option for buyers who are purchasing currently at increased interest rates. Homebuyers who started their loan application with BankSouth Mortgage on or after June 15th, 2023, and close their loan with BankSouth Mortgage will be eligible for exclusive savings. Available on primary residence only and must be used within 60 months of the close date.


*One-time float down available on 45-120 day rate locks. Float down must be executed at least 15 days prior to closing and must be at least .125 improvement.

**Must refinance after 6 months from the 1st payment date and within 5 years of the close date. Available for new applications on or after 6/15/2023. Subject to credit and property approval. Additional conditions may apply. Terms are subject to change. “No Lender Fees” only apply to origination charges.

Blog post date: Thursday, October 17, 2024

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Shachi Bhardwaj By Shachi Bhardwaj
The opinions expressed within this article are the author’s and do not necessarily reflect the opinions or views of BankSouth Mortgage or its affiliates.
https://banksouthmortgage.com/wp-content/uploads/2024/07/Shachi_-_Mortgage_Update_Blog_header.png 984 1750 MGreene@banksouth.com https://banksouthmortgage.com/wp-content/uploads/2022/08/BankSouth-Mortgage-Logo.png MGreene@banksouth.com2024-10-17 17:48:232024-10-22 17:48:32Understanding Home Insurance vs. Flood Insurance
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