HomeRenters InsuranceShould I add flood insurance to my homeowners policy?

Should I add flood insurance to my homeowners policy?

PROVIDENCE, R.I. (WPRI) — Heavy rainfall flooded neighborhoods across the state Monday, causing headaches for impacted homeowners like Nicole Palmisciano.

Palmisciano tells 12 News she spent tens of thousands of dollars on repairs last year when her basement flooded during a rainstorm.

“It completely gutted the entire basement,” she recalled.

Palmisciano and her neighbor David Quintanilha rushed to put down sandbags to prevent water from entering their homes.

“If I don’t sandbag, I’m going to lose my house,” Quintanilha explained.

AAA’s Chris DiMartino said the average homeowners and renters insurance typically doesn’t cover flood damage.

DiMartino said between 5-10% of homeowners actually purchase flood insurance specifically.

“Many people do not buy flood insurance,” he explained.

DiMartino said flood insurance costs an additional $1,000 to $1,500 annually, but it can cover up to $250,000 in building repairs and $100,000 in damaged belongings.

“Flooding is very expensive to repair,” he said. “It costs roughly $30,000 to $50,000 per inch of water that comes into your house.”

DiMartino recommends homeowners check with their insurance providers and consider adding flood insurance if their property is prone to flooding.

Sarah Guernelli (sguernelli@wpri.com) is the consumer investigative reporter for 12 News. Connect with her on Twitter and on Facebook.

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