Flood Insurance Coverage
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Who Needs Flood Insurance?
He didn't have flood insurance because he didn't think he needed it. And who would think this would be considered a flood? The circumstances were not what we think of as a flood. After all, he lives miles from a river or other water body that could overflow, and the ground didn't have standing water like you think of with a flood.
But the insurance adjuster called it a flood, and without flood insurance, his insurance company did not compensate him for the damage. Here's more information on what flood insurance is and why you might need flood insurance coverage.
Source of Rainy Weather Sign: hisks at sxc.hu
According to FloodSmart.org,
a flood is defined as:
- Overflow of inland or tidal waters
- Unusual and rapid accumulation
or runoff of surface waters
from any source
- Mudflow
- Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above
The National Flood Insurance Program (NFIP)
More flood information
Source: FloodSmart.org
- The following occurrences can cause floods: flash floods, Spring thaw, La Nina, heavy rains, ice jams, flood after fire, West Coast rainy season, new development, snow melt, tropical storms, mud flows.
- Standard homeowner's insurance does not cover homes against floods. A separate flood insurance policy is needed. Check with your insurance agent about coverage.
- Everyone in the U.S. lives in a flood zone; all 50 states have floods.
- Floods constitute the number 1 natural disaster in the U.S.
Books About Insurance
The cost of flood insurance coverage
starts at $129 for those living in
low- to moderate-risk areas.
More Facts About Flood Insurance
From Consumer Advocate Clark Howard
- FEMA runs the flood insurance program in the U.S. even though you can buy flood insurance through an insurance agency.
- There are two types of flood insurance coverage: coverage for your structure and coverage for your possessions
- Flood insurance will pay the actual value of a dwelling or the possessions, not necessarily full replacement value.
Most flood insurance policies
go into effect 30 days
after they are purchased.
Detailed Flood Insurance Coverage Data
More About the National Flood Insurance Program
Please share your flood insurance experiences.
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vallain Aug 10, 2011 @ 8:45 am | delete
- Originally 1/2 of our home was classified as being in a flood zone and the other 1/2 wasn't. :-) We consider flood insurance essential, as nature is unpredictable and loss of our home would be devastating.
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gottaloveit
Aug 9, 2011 @ 5:14 pm | delete
- A very helpful lens, especially to those in low lying areas. A flood can be so devastating - Old Town Alexandria over here by DC just got flooded again a few months ago.
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Having the right insurance coverage can save you money in the long wrong. Do you need flood insurance?
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