Flood insurance: The rain has gone away, now how much will you pay?
NORTH TEXAS (CBSDFW) - Flooding is the number one disaster in the country, according to federal statistics.
Flood insurance is one of those things you may think you have, but you probably don't. If your home is flooded, homeowners insurance will most likely not cover the damage.
Floods can happen anywhere — just one inch of floodwater can cause up to $25,000 in damage. Most homeowners insurance does not cover flood damage. Flood insurance is a separate policy that can cover buildings, the contents in a building, or both, so it is important to protect your most important financial assets — your home, your business, your possessions.
You can buy flood insurance through your local agent, but you specifically have to ask for the coverage that is underwritten by the national government.
The National Flood Insurance Program is managed by the FEMA and is delivered to the public by a network of more than 50 insurance companies and the NFIP Direct.
The NFIP provides flood insurance to property owners, renters and businesses, and having coverage helps them recover faster when floodwaters recede.
They even have a call center to answer questions.
You can reach the them at 800-621-3362, between the hours of 8 a.m. and 6 p.m. Workers there will help policyholders with the servicing of their claims, general information regarding policies and aid in recovery.
Things to consider when deciding whether or not to buy flood insurance:
- Look at water accumulation in and around your home and neighborhood
- Know that a neighbor's retaining wall, new landscaping or a pool can bring water onto your property
- Ask yourself, "Am I in a flood plain?"
If your home was flooded:
- Vacuum the water out of your home
- Take your carpet and furniture out
- Remove saturated dry wall
- Take photos and video
- Don't throw anything away
- Call your adjuster right away
Click here for more information about purchasing a flood insurance policy, flood zones, risk assessments, types of flood insurance, and policy cost and terms.