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 Years after the tragic events of Hurricane Katrina, many homeowners are still waiting for assistance they may never receive. From wind damage to fallen trees, you would think you're your homeowner's insurance policy has you covered. When it comes to floods, however, you are not covered.
Even just a few inches of floodwater can amount to thousands of dollars in repair and replacement costs. And with most homeowner's insurance policies not covering floods, this can be a costly omission. Flood insurance policies are sold as separate, stand-alone insurance policies, and are available even in low-risk areas. Different types of flood insurance policies are available depending on your flood risk, and in some cases may be required by your mortgage lender.
Flood insurance premiums are federally regulated by The National Flood Insurance Program (NFIP). The NFIP determines flood risk and sets basis price points. Regardless of your location and risk-level, it's important to note that there is a standard 30-day waiting period, from date of purchase, before a new flood policy goes into effect.
Perhaps the most important thing to remember is that floods can happen anywhere – from snow melt to tropical storms, coastal surges and overflowing rivers, you home is more likely to be affected by a flood, than a fire during the course of a 30-year mortgage.
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