Do you need flood insurance?
October 31, 2007
What to consider:
* Homeowner’s insurance does not cover flood damage.
* Flooding can happen in almost any part of the country, including those that are not in flood zones. Floods recently occurred in Kansas, Missouri, and Oklahoma in areas that were far from rivers.
* In low-risk areas, it can cost as little as $112 a year. For a $250,000 house with $100,000 in contents coverage, the cost is about $30 a month. The average cost in the U.S. is $500 a year.
* A community has to be designated as a federal disaster area before any federal assistance is available.
* Homeowner insurance for basement contents includes only the washer and dryer, nothing else.
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