Introduction
Flood Insurance protects your house & possessions from loss by rising water from the outside. Think about a river or creek overflowing into your home… a frightening thought. Homeowner’s and other property insurance specifically exclude this peril.
If you own a house in a known flood risk area (i.e., the 100-year floodplain) with a bank loan, your mortgage bank will normally require flood insurance. For most homeowners, handling this mortgage bank flood insurance requirement is all they focus on and they ignore their true flood hazard. Then when a major storm does come, they have inadequate flood insurance coverage often with too little coverage on their house (often only the home loan balance) and no contents protection. Continue reading ‘Understanding Flood Insurance’ »