| There are many risks that people are | | | | that they give you, as well as any other |
| accustomed to insuring against. These | | | | home loans you already have. They will |
| will include, health insurance, auto | | | | also require you to carry flood |
| insurance and fire insurance. There are | | | | insurance in the future. The other thing |
| others that are less familiar, such as | | | | about the Federal Emergency Management |
| dental and flood insurance but there are | | | | Assistance program is that it only kicks |
| many reasons why you should reassess the | | | | in if your area and flood are declared a |
| insurances you currently have in place | | | | federal disaster site. This can be |
| and perhaps consider relocating them to | | | | fairly rare when compared to the amount |
| cover the risks that you are most afraid | | | | of floods that are experienced annually. |
| of experiencing. | | | | Flood insurance will be offered by |
| For example, did you know that losses | | | | various insurance companies but should |
| due to floods are thirty times more | | | | be backed by the National Flood |
| likely to occur than fire losses? This | | | | Insurance Program. This type of |
| is especially true if your home is | | | | coverage, which is supported and |
| located in a flood prone zone. While | | | | regulated by the federal government, is |
| flood loss is generally less devastating | | | | the only type of flood insurance that |
| than fire loss, if your home is located | | | | will fully protect your home and |
| in a flood prone zone, the chance of | | | | contents from rising water flood |
| even experiencing catastrophic damage is | | | | insurance. |
| still 25% greater from flood than from | | | | Shop Around |
| fire. | | | | If you are considering taking out a |
| Flood loss | | | | policy of this kind, shop around for the |
| Most basic home insurance policies do | | | | best rate and find out what is covered |
| not automatically include flood loss as | | | | and what is excluded. It may be that a |
| standard. Commercial property policies | | | | specific company’s exclusion is |
| are the same, with flood loss only being | | | | exactly the situation in which you |
| covered if it is specifically mentioned | | | | require coverage and other companies may |
| in the policy. If the flood is extremely | | | | not have the same exclusion so you are |
| severe, it may be classified as a | | | | wise to shop around. Also, all insurance |
| disaster site by the federal government. | | | | companies vary in what they offer and |
| This will cause some protection to be | | | | what they charge. Do not accept the |
| made available in the form of loans. | | | | first offer or quote you receive and do |
| These loans, which come through the | | | | not expect all companies to provide the |
| Federal Emergency Management Assistance | | | | same deals. You should always shop |
| program, are not like insurance however, | | | | around when it comes to insurance and |
| as you are required to pay back the loan | | | | find yourself the best deal available. |