Flood Insurance (Regulated by FEMA)

Important note:Flood losses are not covered by your homeowner’s insurance policy.

Floodwaters have the power to damage not only your home and sense of security, but also your financial future. How can you protect the biggest investment of your life in case of a flood?

Option #1

Hope that you’ll receive federal disaster relief if a flood damages your property.

Many people are under the misconception that the government will take care of their financial needs should they suffer damage as a result of flooding. The truth is that federal disaster assistance only becomes available once the president formally declares a disaster. Even if you receive disaster assistance, it often comes in the form of a loan you have to repay with interest. Of course these payments are in addition to your regular mortgage payments.

You must consider the possibility that if your home becomes flooded and you’re not offered disaster assistance, you will shoulder the massive damage costs alone. The bottom line is that if you’re looking for secure protection from financial loss due to flood damage, federal disaster assistance is not the answer.

Option #2

Buy flood insurance and stay protected, no matter what.

When disaster strikes, flood insurance policyholder claims are paid, even if a disaster is not federally declared. Flood insurance means that you’ll be reimbursed for all your covered losses. And unlike federal aid, it never has to be repaid.

Typically, a policy does not take effect until 30 days after you purchase flood insurance. So, if the weather forecast announces a flood alert for your area, it’s already too late to purchase coverage. You will not be insured if you buy a policy a few days prior to a flood.

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