Did you know that most standard homeowner's insurance policies won't pay for flood damage following a flood, a hurricane, a tornado or spring thaw in upstate New York? (Hey, when you see an average of five feet of snow or more each year you can pretty much plan on swimming in your basement come April!) Flood insurance has a whole separate set of rules when it comes to buying a homeowner's insurance policy, especially for properties in high risk areas.
If you saw what happened after Hurricane Katrina, however, you know a good flood insurance policy is something you don't want to be without.
Believe it or not, even homeowner's insurance policies that cover damages due to hurricanes or blizzards usually won't cover the flooding that comes along in the aftermath and usually wrecks more havoc than the storm itself. Why? Because flood damage accounts for the largest percentage of damages resulting from these types of storms, and insurance companies don't want to pay for anything they don't have to.
If you live in an area along the Gulf of Mexico, where flooding at least once a year is considered par for the course, you know how difficult it can be to get homeowner's insurance that covers flood damage. Most insurance companies either reject individuals who live in these areas or charge them an arm and a leg (and, in most cases, a pair of high end Jimmy Choos) for minimum coverage. Since these companies are what are known as voluntary providers, they're getting away with it.
A voluntary provider is someone who willingly provides insurance coverage without having a government agency leaning over their shoulder telling them they have to. That's why they get away with as much as they do-they get to set their own terms and play their own games. Fortunately, the government has finally figured out what they're doing and established organizations like the NFIP that specialize in high risk flood insurance.
If you're having a hard time purchasing flood insurance for your property, and you live in an area where you're likely to need it at some point in time, the NFIP might be your best option. The NFIP (National Flood Insurance Program) is a division of FEMA, and they offer dwelling, general property and residential condominium building association property policies to protect homes and their contents in high risk areas from flood damage, ensuring that no one is ever left with nothing when Mother Nature decides to open up her own kiddie pool in the middle of a city street (or six).
Finding a good, affordable homeowner's insurance policy that includes flood insurance can be difficult, but it's not impossible. There are steps you can take to minimize the damages to your home if you get caught in a flood that will lower your premiums and agencies like FEMA and the NFIP that are making sure every homeowner is covered, no matter where they live. If you live in an area with a high risk of flooding it's not enough to just sit back, cross your fingers and hope nothing happens. Your home deserves to be protected, and so do you.
| About Author Heather Greenberg : |
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Heather Greenberg is Director of Affiliate Relations for http://QuoteScout.com. Since its launch in 1996 the company has specialized in matching consumers requests for insurance quotes with both local agents and national insurance carriers. For more information, please visit http://www.QuoteScout.com.
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Article Added on Monday, March 9, 2009
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