Flooding is the Number One natural disaster in the USA (according to the Federal Emergency Management Agency -FEMA). How well are you insured against floods? Your regular home insurance policy will include storm damage, but do you have coverage against “rising water”?
Springtime snow melt, levee breaks, torrential rain to make rivers overflow – all these involve rising water and a separate flood policy. The US Government provides coverage through the National Flood Insurance Program (NFIP) and consumers purchase the policies for a local agent.
In high risk areas flood insurance is required, in other spots it is recommended but not mandatory. Vince Wetzel, spokesman for State Farm Insurance, says that “People need to evaluate the costs and (flood) risks and decide for themselves.”
Flood insurance covers most damage to your home, business and personal property, including mudflows, but not landslides. In basements, flood insurance covers water heaters and furnices, but no personal belongings, drywall, finished floors.
Also, there is a 30 days delay in the policy becoming effective. Costs vary according to your flood risk. Please consult www.floodsmart.gov for details.
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