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Article Source: http://www.articlesbase.com/ – What is flood insurance and do you need it?

Flood insurance will protect your home and property in the case of a flood. Flood insurance is available to homeowners, renters and businesses. Most homeowner insurance policy coverage does not include flood damage. You should evaluate your risk of flooding when purchasing or renting a home. You may live in a flood hazard area and would be required to have flood insurance. High risk would be required to have a standard policy. A standard policy does not cover the contents of your home but you can purchase additional coverage for your personal property which would be wise because if your home was flooded, you can bet you would have personal property damage or loss.

You may not be required to purchase flood insurance if you live in a minimal or moderate flood hazard area but you may still want to purchase flood insurance to protect your home and property. It may be wise in case of natural flooding, you may lose all your possesions plus damages to your home and property and you would be responsible for your own losses and not protected. Natural events happen all the time and cannot be predicted. It is wise to be prepared. Natural flooding refers to snow melt, heavy rains, levee failures and other natural events, however assess your risk of flooding because floodwaters must affect two or more properties or cover two acres at least.

Flood insurance policy premiums will vary depending on your risk assesment, amounts of coverage, type of coverage along with deductables. There are three different types of flood policies. Dwelling refers to your home, General property refers to four or more family buildings or commercial buildings and last Residential Condominium Building Association Policy refers to condominiums. There is a thirty day waiting period on new flood insurance policies so it is not wise to purchase just before the local hurricane is about to hit. You will not be covered untill after the waiting period.

Flood insurance can be beneficial if you are in a flood zone or if natural flooding occurs. Consider your risks before purchasing flood insurance and check on premiums because sometimes it may be cheaper than you expected it to be and better to be safe than sorry. Check and see if you are at risk, check policies available to you, check deductables and check into property flood insurance to protect your personal property if you are getting flood insurance for your dwelling and then decide if flood insurance in needed for your home.

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Source: http://www.articlesbase.com/home-improvement-articles/what-is-flood-insurance-and-do-you-need-it-1000988.html

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