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Living in the city, it’s sometimes hard to find the perfect home that’s not up five flights of stairs, a place where your kids and pets can place safely in a fenced in yard. But you’ve crossed that hurdle, bought a comfortable and safe ground-level condo with a great outdoor space for summer BBQs and birthday parties. The five steps down to the front door are the only ones you have to negotiate on your weekly grocery run. 

You’ve already bought home insurance, but with a ground level space, flood insurance is also a must-have, especially if you’re near the coast or a low-lying area prone to heavy rains.  But flood insurance can be tricky, and like any type of insurance, you need to read the policy carefully and talk to your agent.  Many New Jersey residents whose ground-floor condos flooded during Hurricanes Irene and Sandy were not compensated for their losses, even though they had been paying for flood insurance. The reason? Their condos were classified as basements by the definition in the policies, and basements have very limited coverage.

The Standard Flood Insurance Policy, written in part by the Federal Emergency Management Agency, defines a basement as “any area of the building, including any sunken room or sunken portion of a room, having its floor below ground level (subgrade) on all sides.” For people in urban areas like you, this might include your entire living space.

What Else May Need Special Coverage?

Of course, basement definitions are not the only thing to consider when you choose a policy. According to the National Flood Insurance Program, flood insurance should cover your building and any permanent component to the property, such as electrical and plumbing, a detached car garage, and built-in kitchen appliances, along with most personal belongings. However, some things are not covered and may need additional policies:

  • Detached buildings other than a garage
  • Certain artwork and valuable items worth more than $2500
  • Cars or other automatic vehicles
  • Money and valuable paperwork such as stock certificates
  • Damage caused by moisture, mildew, or mold
Give us a call at 817-589-0724 and talk to one of our agents to find a Fort Worth flood insurance policy that fits all of your needs. We’ll make sure that you don’t get stuck paying for something that can’t be covered, and we’ll ensure that if a flood runs into your condo, you’ll still be able to have a place to call home.
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