Changes are coming to the national flood insurance program. What hasn't changed is this: Almost every property owner should have flood insurance. PERIOD. Floods can happen any place at any time.
Flood insurance is almost never included in your homeowners insurance.
If you live in a Special Flood Hazard Area there is a 26 percent chance of a flood during the life of a 30 year mortgage. If so, you really need food insurance, even if your property is paid off. Find out if you're in a Special Flood Hazard Area at www.msc.fema.gov.
FEMA's National Flood Insurance program allows homeowners and renters to purchase to purchase federally backed flood insurance. Visit www.floodsmart.gov to learn more.
Congress has mandated that the national flood insurance program become financially self sustaining. Many policies will go up, sometimes small changes can make a big difference in your premium. For example, if you have an elevated home (one on stilts) any downstairs enclosure must now be less than 300 sqft or you'll pay a higher price. Home elevators can also bring higher premiums unless modified or designed to special standards. So know before you buy, check with your insurance agent. If your house has a large downstairs enclosure or an elevator, now is a good time to check into necessary modifications, before your premium jumps.
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