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Seven Flood Insurance Facts

1. Everyone lives in a flood zone, but some areas have a higher risk of flood than others. Do you know your flood risk? Enter your address and find out at www.floodsmart.gov

2. Most homeowner’s insurance policies do not cover flood damage.

3. Flooding can be caused by events such as heavy rains, melting snow, tropical storms and hurricanes, as well as the failure of levees, dams and other flood control structures. Review flood risk scenarios at www.floodsmart.gov.

4. It’s affordable. The average premium costs around $550 per year, but if you live in an area of moderate-to-low flood risk, you may be eligible for a Preferred Risk Policy with rates as low as $119 per year.

5. Coverage options can vary depending on your area and situation. See a complete summary of buildings and contents covered by flood insurance on the FEMA website: http://www.fema.gov/library/viewRecord.do?id=3011

6. The government’s definition of a floodplain, or high-risk flood zone, is an area with at least a 1-in-100 or 1 percent chance of flooding in any given year. The 100-year flood benchmark is a minimum standard used for insurance purposes.

7. Relying on federal aid could mean the difference between paying $240 per month or $33 per month. Federal disaster assistance is usually a loan that must be paid back with interest.

Posted 1:46 PM  View Comments

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