| Thousands of under-insured homeowners in the | | | | might not be required. |
| path of Hurricane Katrina learned first-hand | | | | |
| the financial devastation of flooding. Every | | | | However, lower risk doesn't mean that you |
| home in the United States has a one in four | | | | shouldn't diminish the opportunity for severe |
| chance of experiencing some type of flood | | | | flooding. Evolving weather patterns offer |
| damage every three decades according to the | | | | areas that historically have predictable |
| Federal Emergency Management Agency (FEMA). | | | | precipitation and storm patterns experiencing |
| With the increase in global warming, more | | | | record rainfalls and flash flooding that |
| intense storms with their severe flooding | | | | haven't implemented wide ranging flood |
| will alter the financial future of those with | | | | control infrastructure. Flood damage can also |
| no or minimal insurance for rising waters. | | | | be caused by overwhelmed storm sewer systems |
| | | | backing up into your home. |
| Flood zones are categorized by FEMA by their | | | | |
| likelihood to experience flooding based on a | | | | Rates for policies vary from two to seven |
| once-in-a-century model that states a flood | | | | hundred dollars a year, based on your flood |
| having a one-percent chance of being equaled | | | | risk level. Plans restrict coverage amounts |
| or exceeded in any year. Areas rated an "A" | | | | to $250,000 for structures and $100,000 in |
| are at the highest risk and all potential | | | | personal property. Florida leads the country |
| mortgage lenders offering a loan in an "A" | | | | with the largest number of flood insurance |
| flood zone will require the borrower to | | | | policy holders. The visual images of the |
| obtain flood insurance. Locals labeled "B", | | | | homes in the path of Katrina should offer a |
| "C", "D", "V" and "X" carry lower risks and | | | | stark reminder of why flood insurance in a |
| the possibility that mandatory insurance | | | | benefit not a cost. |