Homeowners can now get Extended Water
coverage for added protection
ERIE,
Pa., Nov. 3, 2022 /PRNewswire/
-- According to the Federal Emergency Management Agency,
floods are the most frequently occurring natural disaster in
the United States and yet most
standard homeowners insurance policies do not cover flood damage.
Erie Insurance is helping to address that need with a new coverage
called Extended Water.
Not only does Extended Water protect against damage from floods
caused by natural disasters, it's also helpful for other causes of
loss such as water that backs up through sewers or drains, which
can cause a lot of damage. According to FEMA, 1 inch of water
in a home can cost more than $25,000
in damage.
What does Extended Water
cover?
- Damage to basements and other rooms that flood due to flash
floods, inland flooding, storm surges, snow melt and more
- The home and its foundation, electrical and plumbing systems,
air conditioning equipment, furnaces and heaters, appliances and
personal possessions, such as clothing and furniture
- Water that backs up from sewers or drains
- Additional living costs associated with temporarily relocating
while the home is being restored
- Flood avoidance reimbursement for certain equipment or material
(up to $10,000) to help proactively
protect the home before flooding occurs
Some homeowners may be surprised to hear that flooding isn't
covered by most homeowners insurance. A string of flood disasters
occurred throughout the '40s, '50s and '60s and put tremendous
financial strain on private insurers so in response, the federal
government created the National Flood Insurance Program (NFIP) to
protect homeowners, renters and businesses.
"As floods become more frequent, homeowners need to understand
that flood insurance is typically not included in their standard
homeowners insurance policy, but there are options available," said
Michelle Tennant, vice president of
Project Management, Erie Insurance. "Even if you don't live in an
area that you think is flood-prone, if it rains or snows, it can
flood. That's why it's so important to talk to your agent about
your home and your neighborhood, to make sure you have the coverage
that's right for you."
Homeowners can talk to their insurance agent about getting flood
insurance through NFIP or consider unique options such as the Erie
Insurance affordable Extended Water coverage.
To learn more about flood insurance, visit
https://www.erieinsurance.com/flood-insurance.
About Erie Insurance
According to A.M. Best Company, Erie Insurance Group, based in
Erie, Pennsylvania, is the 11th
largest homeowners insurer, 13th largest automobile insurer and
13th largest commercial lines insurer in the United States based on direct premiums
written. Founded in 1925, Erie Insurance is a Fortune 500 company
and the 19th largest property/casualty insurer in the United States based on total lines net
premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force
and operates in 12 states and the District of Columbia. News releases and more
information are available on ERIE's website at www.erieinsurance.com.
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SOURCE Erie Insurance Group