RestorationsSOS.com - Fire and Water Damage Restoration

Flood Insurance

By Sarah Anderson
Published: December 31, 2005

In the aftermath of a flood you must take into consideration the financial aspects of restoring you house and your personal belongings.

The expenses can be high and lead to serious debts unless you have flood insurance.

A common myth
"I have a homeowner's insurance policy and therefore I am covered."

The fact
Wrong! A basic homeowner's policy won't cover your flood damage!

The solution
You need flood insurance!

The Coverage

As a homeowner, you can insure your home up to $250,000 and its contents up to $100,000. If you're a renter, you can cover your belongings up to $100,000. As a non-residential property owner, you can insure your building and its contents up to $500,000.

In general, a policy will take effect 30 days after you purchase it so don't wait for the next storm. It might be too late to purchase flood insurance just a few days prior to a major storm.

Flood Zones

The Federal Emergency Management Agency (FEMA) has placed more than 19,000 communities in the United States into a category of flood zones. Each community is able to participate in the agency's National Flood Insurance Program (NFIP), with premium rates determined by the risks of flooding.

To see if your community participates in NFIP, visit FEMA's Community Status Book.

To indicate the risks in different parts of the country, FEMA has assigned a character from the alphabet to each zone.

To find out which zone applies to you can order a flood map from the FEMA's Map Service Center for a nominal charge by calling 1-800-358-9616 or by visiting the FEMA Website.

As a homeowner in a floodplain, it's not so much a question of if a flood will damage your property as to when. That's why the law requires you to have flood insurance.

Related links:
National Flood Insurance Program (NFIP)
Details about flood insurance coverage

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