STAMFORD, Conn. (WCBS 880) — While many homeowners in the Tri-State area may be experiencing melting mounds of snow beginning to seep into their basements, it’s unlikely to be a flood insurance claim.

WCBS 880’s Paul Murnane spoke with Jeff Cashman, of Connecticut Insurance Services, who said claims really come down to the specific definitions found within flood policies, which typically have 30-day waiting periods after purchase.

WCBS 880’s Paul Murnane finds out what’s covered and what’s not

“Runoff of surface water or overflow of a body of water are the two sources of water — and it can be either of those, he said.

Cashman said there are often limits on basement contents that are covered. He suggested that additional coverage could be a good option in high-risk areas, where the cost could be significantly higher.

“It does cover mechanicals and some other things, but there are a lot of things it doesn’t cover in the basement,” Cashman said. Ultimately, he advised to “know what you’re buying.”

Condos and Co-Op owners could take out policies through their associations, but the payout may often be divided, depending the number of homeowners in a building or development. Private coverage beyond the national flood insurance program is also an option that is frequently explored, but rarely taken.

“A relatively low percentage of people…buy it because the cost of it,” Cashman said.

Homeowners may also be able to file claims via their homeowners policy, including some special provisions within those policies that may cover sewer and drain issues.

Ultimately, Cashman cautioned that “not every water that gets into a house is going to be covered by a flood insurance policy.”

SOUND-OFF: Have you had a frustrating experience with your insurance company?  Tell us about it in the comments section…


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