In the last few years, flood insurance has become a bit of a controversial topic. The main point of the controversy is that people think they are protected from flooding when, in fact, they are not. After Hurricane Katrina, many homeowners tried to file claims but were turned down because they didn't have flood insurance. This really brought this topic to the forefront. Hurricane Katrina is just one of many natural disasters that have led to flooding and the loss of homes for thousands of people. All homeowners should make it a top priority to know for sure whether or not their home is covered against flooding.
Homeowners need to know that there is a big difference between water damage and natural flooding. Most homeowner's insurance policies cover water damage, such as when a water pipe breaks and floods the floor. The policy often lists this kind of damage.
Most policies don't cover flooding caused by high water from outside sources. If the policy doesn't say that you are covered if something like this happens, chances are you are not. Many homeowners just think that they are covered in case of flooding, but they are not.
Only by reading your insurance contract will you know for sure if your home is covered for flooding. In your homeowner's insurance policy, it will say what you are covered for. If you read your policy and don't see anything about flooding, it's likely that you are not covered.
So, if you don't already have it, do you need flood insurance? You are the only one who can answer that question. There are many places in the country that are "prone to flooding," and if you live in one of these places, it would be best to have insurance. No questions asked, you should have this insurance if you live near lakes, rivers, dams, or the ocean. Flooding can happen at any time when heavy rains push water out of their areas.
If you want flood insurance but can't find it in your area or for your home, you can look up the federal programmes set up for this on the Internet. You might find that many insurance companies don't want to add new policies in places that flood often. Here, government programmes can be very helpful.
Floods are the most common natural disaster in the United States, according to FEMA, and they can happen anywhere in the country. Flood insurance is a good idea, even though it costs a little more. If flooding happens in your area, it could mean the difference between losing your home and keeping it.
FEMA has a very useful, interactive website that can help you decide if you need this insurance and how much you need. This is a great place to start when you want to learn more.
