Do You Need Flood Insurance for Your Home?

Home ownership is considered to be part of the American dream but many times that dream can become a nightmare. Consider the violent hurricanes and tornado that touch the lives of so many. You pay a lot for your home and invest a good part of your income in it sometimes not realizing one explosive moment from mother nature can wipe you out completely.

Flood insurance is one such policy many neglect to get for their homes. The think if they don't live on the coast or near a large body of water they won't need it. What they fail to recognize is the power of our climate. Ask anyone in Pennsylvania about the flood of 1972 and they may tell you they never dreamed the floodwaters would affect them. My mother was pregnant with me at that time and remembers wading through the floodwaters in disbelief.

If your home is financed it is likely there are certain insurance policies you need to have. I know my mom is required to have fire insurance on her home but other than that, the decision on what to purchase is up to her. You are more likely to experience flooding than you are fire. Many lack the needed insurance simply because they don't know what they need and fear the expense. Renters don't realize they can get flood insurance too.

The National Flood Insurance Website defines flood as "inflow of tidal or inland waters, unusual and rapid accumulation or runoff of surface waters from any source, mudflow or collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood". If that's a bit confusing you might just say it is water where it's not normally found. This is a risk for everyone no matter where you live.

Consider the damage just one inch of water could do to your home. Carpeting is destroyed and floors may be warped. Mold can form in areas that have experienced flooding causing you another headache. Anything sitting on your floor would be touched by water, which will mostly likely ruin it. The contents of your home may not covered on flood insurance so you might have to buy additional coverage for your belongings.

If your community participates in the National Flood Insurance Program you are eligible to get flood insurance. This is a government-backed program. You can find this out on FEMA's website by clicking on your state and searching through the list for your town or city. Your local insurance agent will be able to handle your policy for you.

On average flood insurance will cost you more if you live in higher risk areas. Living near the coast or a river will require you to pay a higher premium but you are also more likely to need it. Your cost will depend on where you live, the likeliness of flooding and the value of your home. If you life in a low risk area your premium my cost as little as $100.00 a month.

Don't wait for disaster to strike. Your policy will not go into effect until you have had coverage for more than thirty days so plan ahead. If you wait until there is a flood warning to get insurance you will not be covered for that particular event. Your safest bet is to get insured.