As hurricane season peaks, owners should check coverage of flood

For many homeowners, flood insurance coverage may seem optional. For example, if the creditor doesn't require you to take flood insurance or if you don't have a mortgage, flood insurance may seem "unnecessary". However, the need for flood insurance is ubiquitous and as peak hurricane season u.s. owner should be aware of what kind and how much they have coverage.

The insurance information Institute reported last week that the urgency of this issue is even bigger this year as the National Flood Insurance Program (NFIP) is set to expire and will only be selling new residential and commercial policies until Wednesday 30 September 2010.Peak hurricane season lasts through 30 November – although the hurricane could beat the United States anytime. If the flood program NFIP don't renew on 30 September-owner may not be possible to buy flood insurance at all until further notice.

While wind and hail coverage under an insurance policy default owner can cover damage caused by hurricane force winds and driving hail growing waters normally seen during any hurricane can cause a quantity devestating damage to residential and commercial buildings. The damage caused by the flood waters is not covered by a policy default owner and only supplied under a flood insurance policy. 

This year also marks the five-year anniversary of Hurricane Katrina, which is an unpleasant reminder for many u.s. residents in southern coastal States that flood insurance and Hurricane awareness cannot be taken lighty.Yet even after Hurricane Katrina took about 1400 lives and caused nearly $ 16 billion in losses from floods, only about 1 in 10 in U.S. homeowners have a flood insurance policy.(For more information see whitepaper III, Hurricane Katrina: The Five Year Anniversary).

Your best bet is to include your understanding of your flood insurance coverage on your hurricane preparation plan. ask your insurance agent real estate on the kind of coverage that you have in the case of hurricane and or is not sufficient. make any changes to its policy now-before disaster strikes. And remember to re-evaluate their coverage next year too.

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