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:: How much is flood insurance worth? ::  

We’ve all seen the jarring images on the news—salvaged clothes and possessions laid out to dry in front of a water-logged house; families holding up a lifetime of photographed memories saturated in murky water; an aerial shot of a town almost entirely covered in water so that only the tips of rooftops and trees are visible.  Other than a brief feeling of compassion and a sigh of relief, people usually don’t think any further about making sure that they are prepared with flood insurance if such a disaster were to happen to them. But nearly every day, flooding occurs somewhere in the United States. In fact, floods are the most common natural disaster, causing billions of dollars in damage each year.

The beautiful spring weather certainly has few people thinking of the summer hurricane threat, but this week marked the official 30-day countdown to the 2007 hurricane season.  For many Americans, this is an important time to consider protecting their home and property against flooding.

Although hurricanes and tropical storms directly affect the coast, some of the most damaging flooding can occur hundreds of miles inland from hurricane storm surges that often result in heavy rains and winds. Standard homeowners insurance doesn’t typically cover flood damage, but Federal Emergency Management Agency (FEMA), who coordinates the Federal government’s role in preparing for the effects of natural disasters, offers affordable flood insurance through the National Flood Insurance Program (NFIP).  If your community participates in NFIP, you can purchase flood insurance from a licensed private insurance company at an average annual cost of $400, just about $34 a month. If you live in a low-to-moderate flood risk area, the coverage can be purchased for an even lower cost.

Learning your community’s flood risk can help you in deciding if you want more or less coverage. The NFIP’s website, www.floodsmart.gov, allows you to enter property information to determine your flood risk. Whether your flood risk is low, medium, or high, it is always recommended that you purchase some sort of flood insurance. Even if your community doesn’t have a history of recent flooding, it doesn’t mean that one hasn’t happened in the past or one won’t happen in the future. The NFIP states that almost 25% of all flood insurance claims come from areas with minimal or low flood risk. And even one inch of flooding can cause nearly $8,000 in damage.

NFIP coverage is not just for homeowners. Small businesses and renters may also purchase flood coverage for their buildings and equipment. You can even buy separate flood coverage for a home business.

To purchase flood insurance, first check the NFIP Community Status Book to see if your community is a participant. The status book is available at http://www.fema.gov/fema/csb.shtm. Next, check with your insurance agent about purchasing NFIP flood insurance. Almost 100 private insurance companies and 20,000 independent insurance agents offer NFIP coverage. You may also contact the NFIP directly at (888) 379-9531 to request an agent referral.

So how much is flood insurance worth? It’s worth lessening the emotional and financial toll that flood waters bring, and it’s worth the secure feeling that comes with being prepared when disaster strikes. Don’t test the waters—the best time to get flood insurance is now. For more information on the National Flood Insurance Program and flood coverage, visit www.FloodSmart.gov.