Weather forecasters are predicting a higher than normal probability of spring flooding this year. Here are some things you should know about flood insurance:
- Homeowners insurance doesn’t cover flood. Flood is a major exclusion which is clearly spelled out in virtually every homeowner’s policy.
- Nearly everyone can buy flood insurance. You need not live in a high risk area to be eligible to purchase coverage.
- 30 day waiting period. From the time you buy coverage, no claims are covered for 30 days. Waiting until the last minute to get insurance is a bad idea.
- Federal disaster assistance is not the answer. While flood victims often get government help after a disaster, the process is cumbersome and aid is usually only partial.
- Flood insurance isn’t always expensive. Most people in our region live in areas not considered “high risk.” Yearly premiums typically fall in the range of $250-$400 for such properties.
- Flood insurance isn’t just for homeowners. Tenants and businesses face the same risk and are also eligible for flood insurance.