MAIN Your Money Insurance Flood Insurance

When comparing flood insurers, experts agree that one of the most important question to ask is: how quickly can my insurance company resolve a claim?

This point was dramatically driven home in 2005 when flooding caused by Hurricane Katrina resulted in a notoriously slow response from local insurance companies, as well as state and government agencies.

Adding to the misery was the common misconception by homeowners who had already purchased hurricane insurance who assumed that they were insured against flooding by their policy which, sadly, only typically covers storm wind damage.

When shopping around for a flood insurance policy, keep in mind that the top insurance companies in the U.S. - perhaps the one already handling your auto or homeowners insurance - also offer flood insurance subsidized by the government under the Federal Insurance Administration as part of FEMA, the Federal Emergency Management Agency.

FEMA also regulates the National Flood Insurance Program which oversees policies by local communities who must adhere to flood management guidelines or risk losing government support and insurance subsidies before and after a major flood.

How much should you pay for flood insurance depends on two basic factors: your location and financial situation. Flood insurance costs range from $233 - $3000 per year, depending on whether or not you live in a flood zone, and what level of coverage you elect. This may include everything from basic protection against structural damage to add-ons, such as special riders that cover valuable artwork or jewelry.

Today, scientists have also chimed in about what to consider when determining flood risk, as climate change has increased the odds of flooding in many communities, especially around coastal areas.

On the Web, discover more on the topic with information from government agencies as well as tips and advice from consumer guides, fact sheets and media reports on how to protect your home against a major flood ....

also see related feature -> Repairs & renovating after a flood

More facts & information about flood insurance around the Web:

Floodsmart.gov - U.S. government consumer guide and everything you ever wanted to know about flood insurance in America including news and information on purchasing flood insurance, preferred insurers, tips on filing a claim, plus interactive tools and risk assessment guides.

Who needs flood insurance? - Facts and information from Insure.com on choosing and buying flood insurance, flood zone risks, related resources and contact information, glossary, flood preparation tips, FAQ.

Flood Insurance 101 - Basic tutorial from The Travelers, including steps to buying a flood insurance policy, waiting period rules, coverage limits, deductibles and related information.

also see -> Earthquake insurance information