Thursday, February 2, 2012

Flood Insurance: A Must-Have When You Need It ? NCPHIF

By David Colman?s, executive director
Georgia Insurance Information Service

House in a floodWhen a home is purchased and it is in a federally designated flood plane, the mortgage lender requires the new homeowner to obtain a flood insurance policy before the mortgage is granted. ?That protects both the homeowner and the lender in the event of damage to the home from flooding, also know as rising water. ?But, what if your home is not in a designated flood zone? Then, it?s not required so most people just don?t buy it.

Remember what happened earlier this year in Nashville, Tennessee, or in the suburbs of western Atlanta, or in virtually any area were flash flooding has occurred where it?s not expected? ?The fact is that flooding and earthquakes are typically not covered by conventional homeowner?s policies as well as renters insurance. ?Flood insurance is provided by the federal government the National Flood Insurance Program (NFIP), and sold through many insurance companies or a policy can be obtained directly from the NFIP. ?For coverage from rising water, whether that results from flash floods, a dam break, a hurricane or any other incident where water comes into one?s home from outside, the only way to be financially protected is if one has a flood policy. ?For homeowners, that protect both the home and the contents, and for renters, it protects the policy holder against loss of contents since the landlord is responsible for the building.

Flood insurance for those not in a flood plane is relatively inexpensive because the risk is low, but most people do not realize that 25 to 35 percent of all flooding occurs outside a designated flood area. ?That?s why flood insurance is so important. ?With all the hurricanes and other severe weather incidents that occur annually across the United States, there are still more people who do not have flood insurance than do purchase a policy, and that includes residents of the Atlantic and Gulf coasts where flooding is a real possibility just from hurricanes.

The best way for a family to protect itself from the disastrous effects of flooding is to get a flood insurance policy. Call your insurance agent or company to make sure you know what protection you can get and what it will cost. The next most important thing a homeowner or renter can do is to create a home inventory of belongings.?That way, when dealing with an insurance adjuster after a disaster or other claim occurs, the homeowner or renter will be able to provide what property was damaged or lost, what it cost so it can be replaced, and just as importantly, with photos or video the adjuster can see what it looked like and what condition it was in before the flood. The home page of the Georgia Insurance Information Service, http://www.giis.org, has access to a free home inventory program from the Insurance Information Service where one can list all items with all the details and even upload pictures.

For more information on flood insurance, contact the NFIP at http://www.floodsmart.gov.


Source: http://www.ncphif.org/2012/01/flood-insurance-a-must-have-when-you-need-it/

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