Home Coverage for Tornadoes and Hurricanes
As you determine whether or not you need flood coverage, the first thing you should find out is whether or not you qualify for the National Flood Insurance Program. The NFIP was enacted in 1968 because of the rising cost of taxpayer funded relief for disasters along the Mississippi River.
Even if your mortgage lender doesn't require that you purchase flood insurance, it's a good idea. Annual premiums could run around $400 a year, on average, for about $137,000 in coverage.
What if you can't purchase NFIP flood coverage?
If you find that you can purchase a Federal (NFIP) flood insurance policy, then you'll have a very low deductible of about $500 to $1000. Today, approximately 20,000 communities in the U.S. participate in NFIP.
Remember: Flooding is one of the most costly and prevalent of disasters in the U.S. and affects 1 in 4 homeowners over the course of their 30-year mortgage. The risk of flooding for these individuals is approximately 2.5 times higher than that of fire damage.
Flood insurance can help your home from disastrous damage. Request a FREE quote today.
http://www.iii.org/media/facts/statsbyissue/homeowners/
http://www.iii.org/media/hottopics/insurance/flood/
http://moneycentral.msn.com/content/Insurance/Insureyourhome/P59648.asp