We have all seen the complete and utter devastation of flood disasters in the United States and the World over the last decade. Did you know more humans have been killed by flooding than any other type of natural disaster?
Sure, Earthquakes kill a lot of people, but they kill even more when the dam breaks. Yes, Hurricanes kill a lot of people, but the storm surge is what gets most of them, not the wind. If you look at the major natural disasters in the last century it was flooding that killed the most people.
Face it Floods are serious and I am not talking about just the Floods of Biblical Proportions like Noah or Katrina or the Tsunami in Indonesia either. What you need is flood insurance for your home, in case it is a total loss. But did you know that most homeowner's insurance policies will not pay for flood damage?
It is true says the FEMA Government website and the website also advises to buy insurance now, and not wait until the big storm, as most insurance companies that write flood policies have a 30-day delay before they start coverage.
You must buy Flood Insurance if your home is financed thru a government or government regulated lender like; Ginny Mae, Fannie Mae or Freddie Mac. If your home loan is through the VA, you must have flood insurance if you live in a "designated high-risk flood zone" as well.
Now many folks are asking with the Federal Government Bail Out of the Housing Market are all those homes that were forced under this umbrella of regulation now required to buy flood insurance. Most who follow these things say yes, but if those homeowners cannot afford that insurance, due to price, they might lose their homes when this insurance is bought for them and they cannot pay that bill.