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3/22/2012 - Three myths about the National Flood Insurance Program


Many myths about flood insurance exist.

Thanks to the passage of the National Flood Insurance Program in 1968, millions of Americans have been able to protect their homes from flooding incidents. However, in the course of those years, several myths have developed that may leave some homeowners confused about what flood insurance does for them.

To clarify the topic, the Federal Emergency Management Agency attempts to separate what is incorrect from what is true.

For example, some believe that flood insurance does not cover flooding for basements. In reality, however, an NFIP policy does cover basement flooding and even provides for the extra expenses it takes to clean up what is left behind, FEMA notes.

Another myth is the notion that the NFIP does not cover flooding resulting from hurricanes or overflow of rivers. FEMA indicates that flood insurance policies, in fact, do cover hurricane damage and that these instances are provided for even if there hasn't been a disaster declaration announced by state officials.

Because flood insurance must be purchased separate from a homeowners policy, some suspect that the NFIP is too costly to purchase. FEMA indicates that the typical policy is approximately $600 per year, but coverage may be much less depending on the flood risk of the insured's property. To find out what your premium for flood insurance would be, go to the www.FloodSmart.gov website and enter the address of your property.

For more facts about the National Flood Insurance Program, click here.

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