Do not let the fact that you do not own a piece of beachfront real estate get you in the mindset that you do not need flood insurance! Beachfront property only accounts for roughly 3 to 4% of all the flood losses. If you live in a high hazard flood area, you should consider purchasing flood insurance. If you live in a high hazard flood area, chances are one in four that you will have a flood loss during the period of a 30 year home mortgage. Many lending institutions are now requiring home buyers to carry flood insurance before they will approve the loan!

Even if you live in a low hazard flood area, your property may still be at risk. About 35% of all flood loss claims paid are for property located outside high risk areas. The good news is that there is a Preferred Risk program that offers substantial premium discounts for homes located in low hazard areas.

If you think your home is at risk, you might want to consider contacting your local independent insurance agent.

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Last Update: 8/18/98 1:45 PM
Web Author: Wayne Northcutt