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