Flood Insurance Facts
Tuesday, July 10th 2007, 8:26 pm
By: News On 6
More than 800 Oklahoma homes have been damaged by floodwaters since Memorial Day weekend. The only way for homeowners to recoup their losses is if President Bush declares a disaster declaration, or if you have flood insurance.
Most people don't think about flood insurance until it's too late. The damage caused by rising waters in Oklahoma and Kansas in July 2007 has some people thinking about buying it.
But how do you know if you need flood insurance?
Flood insurance, and all the requirements are run by the federal government. You can check what kind of flood zone you live in by logging onto www.floodsmart.gov
. Itâ€™s a government website that will tell you the flood risk of the area you live in.
Is flood insurance is mandatory?
If you live in a low to moderate flood risk area you don't have to buy flood insurance. But if you are buying a house in a high risk area, and a bank is helping you finance the house, the bank requires buyers to get flood insurance.
What does flood insurance cover?
Flood insurance will cover damage to a home, up to $250,000. The policy will also take care of damage to any contents in the home up to $100,000.
If the forecast calls for heavy rains and possible flooding scrambling to buy flood insurance will not protect your home. A flood insurance policy takes effect 30 days after itâ€™s purchased.