Homeowners And Flood Coverage

By Amy E. Feldman

PHILADELPHIA (CBS) – Hurricane season is once again upon us.

Even for those who just lose possessions rather than lives or animals, the fact is that most all homeowners and renters insurance policies specifically exclude coverage in the event of a flood.  That means that you need a separate policy to make sure you are covered.  And in case you live at the top of a hill and think you need not worry, you should know that the Federal Emergency Management Agency estimates that one out of every four claims for flood damage is made by homeowners who are not in a Flood Hazard Area.

Moreover, in order to be bailed out by the federal government, the President himself must determine the area to be a national disaster, and then the money you get is a LOAN that you have to repay.  But most people can get National Flood Insurance that will cover them—for info, visit FEMA.gov to find out lest your belongings and your finances get washed away because of a flood.