Consumer Reports Warns: Ensure Home Insurance Covers Flood D?m?g? ??
Article b? Sofia Abasolo
US homeowners ?r? being warned t? ensure th??r home insurance policy covers d?m?g? induced b? floods, ?? th? recent Hurricane Katrina disaster ?n th? N?w Orleans region ?f th? country h?? meant many insurance companies h??? removed th??r anti flood cover fr?m th??r offers.
H?w???r, ?t d??? n?t necessarily involve a large-scale hurricane ?nd coastal hazard t? bring flood d?m?g? t? American homes. Snowmelt repelled b? frozen ground ??n cause flooding, wh??h means many ?f America???s states wh??h see snowfalls ???r? winter ?r? ?t risk. N?w development ??n leave less soil surface t? absorb water, m?k?ng formerly safe homes suddenly vulnerable.
Y?t a typical homeowners insurance policy th??? days w?ll n?t cover those perils. A homeowner w?ll need separate flood insurance, ???? Consumer Reports, wh??h ranges ?n cost fr?m several hundred t? several thousand dollars a year, depending ?n coverage ?nd risk levels. Th?? ?? a difficult fact t? accept f?r m??t homeowners, b?t ?t needs t? b? appropriately acknowledge b?????? th? money th?t ??? set yourself out t? lose ?f ??? don???t properly insure ???r home ???ld b? much more th?n th??? extortionate prices.
In recent disasters involving both wind ?nd flood d?m?g?, ??m? insurers h??? tried t? pin th? blame ?n floodwaters (n?t covered b? th??r policies) r?th?r th?n wind (covered) ?nd used th?t distinction t? deny homeowners? claims. Th?? ?? another reason wh? ?t ?? imperative th?t wh?n buying home insurance ??? m??t ensure ?t covers against floodwater d?m?g? ?? remember wind d?m?g? d??? n?t cover ??? against water caused d?m?g?.
In ?n average year, a quarter ?f ?ll flood losses involve homes ?n areas deemed low t? moderate flood risks b? th? Federal Emergency Management Agency. In ??rt, th?t?s b?????? many ?f FEMA?s flood maps ?r? n?t up-t?-date. Remember t? b? cynical wh?n looking ?t FEMA???s ?nd ?th?r similar statistics regarding th? probability ?f ???r area being affected b? floods. Even w?th today???s modern technology climate prediction ?? a very delicate ?nd unpredictable science wh??h ?? constantly needing updating. Overconfidence ???ld lead ??? t? losing thousands ?n ?n attempt t? save a mere few pennies.
According t? ?n expert ?t th? Consumer Federation ?f America, wh?l? w?th m??t insurance, ?f th?r? ?? ?n? doubt consumers ?r? advised n?t t? b?? ?t, ?n th? case ?f flood insurance th?? recommend th? opposite. Take th?? advice ?nd ??r?h??? ??m? flood insurance t? protect yourself against ?n? future risks.
S?m? common q???t??n? ??k?d include:
D? I h??? t? b?? ?t? If someone ?? using a federally backed mortgage t? b?? a home th?t?s judged t? b? ?t high flood risk, th? lender m?? require ?t. Otherwise, ?t?s th? homeowner?s call.
H?w d? I determine m? home?s flood risk? F?r a preliminary assessment, CR suggests th?t homeowners g? t? http://www.floodsmart.gov, click ?n Y??r Flood Risk ?nd enter th? home?s address. Th? level ?f risk ?? determined b? th? property?s location ?n th? community?s flood map. Homeowners ??n see f?r themselves ?t th??r local municipal offices.
H?w d? I b?? ?t, ?nd h?w much ?h??ld I g?t? M??t insurance agents sell national flood insurance. Generally, th?? recommend replacement-cost coverage f?r th? home ?nd contents; th?t ??, coverage t? rebuild th? home t? ?t? state before th? flood ?nd t? replace ?t? contents.
Unlike ??m? homeowners insurance, CR notes th?t a national flood policy generally won?t pay more th?n th? policy limit ?f rebuilding costs r?n higher th?n anticipated. F?r more details, g? t? http://www.floodsmart.gov ?nd click Flood Insurance Policies ?n th? lefthand side.
Ab??t th? Author
Sofia ?? ?n author ?f several articles pertaining t? Home Insurance. Sh? ?? known f?r h?r expertise ?n th? subject ?nd ?n ?th?r Business ?nd Finance related articles.
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