October 8, 2006 1:12 AM
Should You Buy Flood Insurance?
Many suffered from recent hurricane hits painfully realized that flood coverage is not included in regular homeowners' insurance policy. If you live in hurricane zones, think twice before you say no to flood insurance.
From Bankrate:
Many homeowners, unfortunately, find out every year that floods are not covered by standard homeowners insurance and require a separate policy that can be purchased through the National Flood Insurance Program. Floods represent the No.1 natural hazard in the United States and can strike anywhere. Annual flood losses between 1996 and 2005 averaged $2.4 billion per year.
The average cost of a $100,000 flood insurance policy is approximately $300 per year, but rates can be considerably more in flood-prone areas. Hurricanes and recent disasters have made the public more aware of flood insurance.
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