The Flood Insurance Fallacy - What happens if the house is flooded? Is this disaster covered by standard homeowners insurance? Damage to homes is not included anywhere in homeowners' basic policies. Unfortunately, many discover too late that this statement is not true.
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Flood insurance is the only way to be reasonably safe when it comes to protecting your home from flood damage. Only about 20% is covered.
Most of the big private insurance companies don't want to protect people from flooding because of a bad choice. This means that more people claim flood damage than want to protect their homes from flood damage, which private insurance companies consider unprofitable.
However, in some flood-prone areas, the government requires the purchase of flood insurance for mortgage insurance from a federally licensed agency. This coverage does not apply until 30 days after the purchase of the policy unless the person lives on a floodplain.
This government-provided flood cover purchase took effect in 1968 under the National Flood Insurance Program. Many people criticized the program. The program will help people rebuild in flood-prone areas without increasing insurance premiums.
Homes and neighborhoods that are flooded more than 20 times can be covered without the risk of higher premiums.
A flood is defined as the inundation of an area of 2 acres or more, or two or more pieces of land, usually dry. Floods can be caused by hurricanes, earthquakes, tornadoes, dam breaches, and other natural disasters.
Unfortunately, in the event of flooding due to an earthquake, flood damage is not covered by earthquake insurance. Flood damage is not covered by any other type of insurance a homeowner may have.
In the United Kingdom, it is believed that people who live in flood-prone areas should protect their homes from flooding. In Canada, there are not even reports of flooding.
Flood coverage has been debated for decades, but you won't be able to understand how important government subsidies are behind coverage until you live in a flood-threatened area.