There's something you should know: Flood losses are not covered by your homeowners insurance policy.
The brutal and destructive waters from a flood have the power to destroy not only your home, but also your feelings of security and future finances. How do you plan to protect your biggest investment in the case of a flood?
OPTION 1: If a flood occurs, you hope to receive federal disaster relief
Many homeowners wrongly assume the US government will take care of all their financial needs in the event of flood damages. The fact of the matter is that federal disaster assistance is only available when/if the President declares a natural disaster. Then, even if you were to receive federal disaster assistance, the assistance is often in the form of a loan, that naturally has to be repaid, with interest, in additional to the mortgage that is still owed on the property where the flood occurred.
More importantly, you should also consider that in the event of a flood where disaster assistance isn't available, you will have to bear all costs of the flood repair alone. Long story short, if you're looking for secure protection from the resulting financial loss due to flood damage, federal assistance from the US government is not the answer.
OPTION 2: Purchase flood insurance and protect your biggest investment
If the disaster from floodwaters arise, flood insurance policyholder claims are paid even when the flood is not declared as a federal disaster. Having a flood insurance policy means that you'll be reimbursed for all your covered losses in the event of a flood. And, unlike with Federal aid, what you receive will not have to be repaid.
In general, a flood insurance policy does not take effect until 30 days after purchase. So, if a weather forecast announces a flood alert for your area, the need to purchase coverage is already too late. Purchasing a policy just a few days before a flood will not cover your home because you won't be insured.
FLOOD INSURANCE QUOTES
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