KCAL Insurance Agency
Phone: (800) 681-8288 E-mail: info@kcal.net
Before the deluge: Why to buy flood insurance
Flash floods occur in all 50 states. According to a 2006 RAND Corp. study, even in areas of the Northeast and Midwest where flood insurance is considered mandatory for mortgage holders, only 45 to 50 percent of households have the coverage. Of those living near flood-prone areas where coverage is not mandatory, only 20 percent buy it. When asked who should purchase flood insurance, the Federal Emergency Management Agency, which oversees the National Flood Insurance Program, the answer is very simple: everyone. A list of agents who sell the NFIP( National Flood Insurance Program) policies may be found on the FEMA-run website, FloodSmart.gov. Anyone living in one of the 20,000 communities participating in the NFIP's floodplains management program qualifies for coverage, regardless of their risk for flooding. Only those living in communities designated coastal barrier resource system areas are excluded. There is no limit to the claims that may be filed for any one property or by any individual. Also, claims are not reported to the insurance industry's database. The only limitation is a 30-day waiting period before a policy takes effect.
Source:Msnbc