8/30/2014

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Flood insurance: Are you prepared for possible damage?

Flood insurance: Are you prepared for possible damage?
Joe Biggerstaff wades away from his mother's Konkle Drive home on the Grand River north of downtown Grand Rapids, Mich., Sunday, April 21, 2013. (AP Photo/MLive.com, Chris Clark)
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Flooding, the most common natural disaster in this country, is not covered by your homeowners or renters insurance. You need to buy a separate policy for that.
 
Most people know this, but only 13 percent of the American homeowners have flood insurance.
 
Jeanne Salvatore with the Insurance Information Institute, an industry trade group, says you should consider getting this coverage even if you live in a low-risk area.
 
"We've seen time and time again that flooding occurs not just in these high-risk areas, but in areas that are low risk. In fact, the National Flood Insurance Program has reported that about 25 percent of the claims paid are actually in low-risk areas."
 
The average flood insurance policy costs $50 per month, according to Bankrate.com. It can be even less in moderate-to-low risk areas.
 
This is not a last minute purchase. When the rivers are rising it’s too late. There’s a 30-day waiting period after the policy is purchased.
 

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More Info:
 
Here Come the Floods. Are You Prepared for Possible Damage?
Survey: 1 in 5 Clueless About Flood Insurance
Does My Homeowners Insurance Cover Flooding?
Flood Insurance

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