CHARLOTTE, N.C. — With a tropical system on the way people begin to think about insurance and wonder “am I covered?” When you think of a hurricane you probably think wind, but it’s the rising water than can be the most deadly and costly.
Flood insurance is often overlooked because a lot of people mistakenly think they are already covered by their homeowner’s policy. And they usually learn this mistake when it’s too late.
Just one inch of rising water can cause $25,000 dollars in damages. That’s just an inch, and you don’t need a hurricane to cause that kind of damage.
Back in May, Jeff Kahn told WCNC Charlotte a blocked city of Charlotte storm drain flooded his home 9 times. Kahn doesn’t live in a designated flood zone, yet the unthinkable happened.
RELATED: Charlotte family says city's storm drains keep flooding their house, costing them thousands
Flood insurance is a national program, but you can buy policies through carriers, maybe even yours, but you must inquire about it. In NC, the average cost of a yearly flood policy is $814, just $68 a month. In South Carolina it’s cheaper at $671 a year.
Steve Schattner is with The Compass Agency in Charlotte.
Steve said flood damage is “completely out of pocket for the homeowner. Many don’t know that it also includes landslides and mudslides.”
The thing that confuses people is what is flood damage. Flood is rising water, not the damage from a burst pipe. The burst pipe water damage is covered by homeowners’ policies, but rising water, like from a drain, or a creek or storm surge is what’s considered a flood.
And waiting until there is a storm, won’t help you. Policies are not written once a storm gets a name.
FEMA has created a link to learn more about the cost of flood insurance and what's covered.