Hurricane season comes. Don’t forget to get flood insurance!
You should consider flood insurance now, when the start of hurricane season is a few weeks away.
Insurance against flood is available only through the National Flood Insurance Program, started by the federal government in 1968 and administered through private companies, including most of the big insurers.
You may need flood insurance even if you don’t live on a flood plain — although many people do even they don’t know it. But it’s also not necessary for everyone.
How do you know if you need a policy and how much coverage should you carry? Start by finding out if you live in a FEMA-designated flood area.
Many homeowners know if they live in such an area because mortgage providers often require flood coverage before making a loan. Realtors are also usually required to disclose relevant flood information to prospective buyers.
You can also enter your address on the agency’s website at www.floodsmart.gov. If your location comes up as ‘’high risk,'’ it means you’re in a hazard area.
Even if your home isn’t in a flood area (the website will say “low to moderate risk'’), you need to get the facts. Ask your local planning agency and fire department about past flooding, find out if your neighbors have policies and consult your insurance agent about appropriate coverage.
‘’If you’re anywhere near the flood plain, you ought to think about it,'’ says Bob Hunter, director of insurance for the Consumer Federation of America. Coverage is also significantly cheaper if you live in a lower-risk area.
Currently, a little under 5 million homeowners have policies, a number that has not changed much since Hurricane Katrina, according Butch Kinerney, a spokesman for the Federal Emergency Management Agency, which oversees the insurance program.
Policies are restricted to $250,000 of coverage on homes and $100,000 on contents — sold separately but with a discount if you buy both. No extras, like replacement-cost coverage, are offered.
Rates are set by the government so premiums are the same no matter whom you buy through. You can find premium estimates on the website www.floodsmart.gov/.
Aside from raising your home on stilts, there aren’t many cheap ways to lower the premiums.