Homeowner&#39s insurance does not cover floods

Tornadoes, hail and lightning get most of the headlines, but flooding does far more injury and kills much more people by far, and no homeowner’;s insurance coverage policy covers flood injury.

Flood insurance coverage is offered by means of a plan offered by the Federal Emergency Management Company (FEMA), but it has to be obtained separately from a standard homeowner’;s policy.

In most instances, there’;s a thirty-day waiting period right after the policy is obtained prior to it goes into effect, so now’;s the time to think about whether you need coverage.

FEMA functions with about 90 private carriers to give the policies.

If you consider you do not dwell in a flood plain, the National Flood Insurance coverage System says, you’;re wrong — everyone lives in a flood plain.

And contemplate this — folks residing outside the “higher-chance” places file practically a quarter of claims and acquire a third of disaster assistance from the NFIP.

From 2003 to 2012, flood insurance coverage claims averaged almost $ 4 billion annually.

Flood insurance coverage is not prohibitively pricey.

Speak to your agent to establish how much flood insurance you may well want.

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