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9/11/2012 - III: Get flood insurance now


Flood coverage is important during hurricane season.

With hurricane season in its peak period, the Insurance Information Institute is calling on homeowners to obtain flood insurance if they have not already.

As the III notes, the National Flood Insurance Program, which is operated by the Federal Emergency Management Agency, provides replacement cost coverage for the structure of the house in the event it is severely damaged. It also offers actual cash value coverage, which is the replacement cost after subtracting how much it has depreciated. This coverage is for possessions exclusively.

Flooding is often one of the main issues that can result from a hurricane, but standard homeowners insurance does not cover high-water threats. Through the NFIP, however, $250,000 worth of protection can cover the structure of the home and an additional $100,000 for valuables and personal belongings.

Homeowners should place a priority on obtaining coverage sooner rather than later, as it takes 30 days for the policy to go into effect. Talk to your Selective flood insurance agent today to find out if flood insurance is right for you.

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