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Family finances: homeowners insurance and summer-storm damage

Family finances: homeowners insurance and summer-storm damage

Family finances: homeowners insurance and summer-storm damage
News from Chicago Tribune:

May 27, 2014|By Sandra Block | Kiplinger’s Money Power

Kiplinger’s Personal Finance

When summer storms damage your home, will your homeowners policy cover the cost of repairs and clean-up? If it’s water-related damage, the answer depends on whether the water came from above or below. In general, if the damage was caused by wind-driven rain that came in through your roof, windows or doors, your insurance will cover the cost of repairs.

But if the damage is caused by flooding, your homeowners insurance will not cover it. The only way to protect yourself from flood-related damage is to buy flood insurance from the federal National Flood Insurance Program. Premiums range from about $ 200 a year to more than $ 2,000.

You can purchase federal flood insurance through a local insurance agent. Don’t wait until storm clouds gather to buy a policy; typically, there’s a 30-day waiting period before premiums take effect. For price quotes, go to FloodSmart.gov.

Sewage backup. If heavy rains overwhelm your local storm-water system, sewage could back up into your house. Most standard homeowners policies don’…………… continues on Chicago Tribune

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