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Flood |
| Even though flood insurance is relatively inexpensive, most homeowners do not choose to purchase the insurance protection available. According to the Federal Insurance Administration, less than one-quarter of the homes in areas most vulnerable are insured against flood loss. In those areas, flooding is 24 times more likely to occur than a fire during the course of a typical 30 year mortgage. A standard homeowners insurance policy will not cover damages caused by flooding. You must have flood insurance from an insurer that writes for the National Flood Insurance Program. If your community participates in a floodplain management program, you should be eligible to buy the coverage no matter if your flood risk is low, medium or high. Flood insurance is also available to renters, condominium owners, and co-op owners |
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