Flood
Insurance Questions and Answers
Q:
Will my Homeowners policy cover flood damage?
A:
Rarely
does a homeowner policy cover damage from flooding.
(back)
Q:
Who gets government aid?
A:
Government
aid is available only if the President makes an official disaster
declaration. Typically, federal disaster aid comes in the form
of an interest-bearing loan. When grants are awarded, the average
amount is less than $2,500. Less than half of flooding events
are declared disasters and insurance is often the sole source
of assistance for victims. (back)
Q:
Is flooding really a serious problem?
A:
Here in the South Sound flooding can be a serious problem. Understand
the risk involved before you purchase your new home. Just minor
flooding may mean major financial difficulties. Just a few inches
of floodwater invading your home is enough to destroy floors,
damage walls, and ruin appliances. (back)
Q:
How much does flood insurance cost?
A:
The average premium for a standard flood policy is $382 per year.
The least expensive, Preferred Risk Policy is as little as $106
per year. High premiums run round $1,000.00 annually. (back)
