Flooding, statistics tell us, is the most common and costly natural disaster in the U.S. – especially today, as factors like climate change, rising sea levels, and changes in precipitation patterns are becoming the new normal.

In fact, flooding accounts for 90 percent of all natural disasters in America, and not just in high-risk areas. According to the Federal Emergency Management Agency (FEMA), just one inch of water could do $25,000 worth of damage to your home – so, it can be an issue even in typically arid states like California, where owners whose homes are damaged by rain and/or mudslides are also considered to be flood victims.

Fortunately, all homeowners who live in communities participating in the National Flood Insurance Program (NFIP) can purchase affordable protection to insure against flood losses no matter where they live.

The NFIP, which is managed by FEMA, was created in 1968 to provide flood insurance to people who live in areas with the greatest risk of flooding, called Special Flood Hazard Areas (SFHAs) – and under the National Flood Insurance Act, lenders must require borrowers whose property is within an SFHA to purchase flood insurance as a condition of getting a federally backed loan.

The cost of flood insurance varies depending upon where you live. You can purchase flood coverage at any time but, with some exceptions, there is a 30-day waiting period after you’ve paid the premium before the policy is effective.

Once in effect, coverage protects not just single-family homes, but also condominiums, apartments, and non-residential buildings and commercial structures – and you can buy flood insurance no matter how many times your property has been flooded in past disasters.

Since many homeowners do not find out until it is too late that their standard homeowner’s insurance policy does not cover flooding, it’s better to be safe than sorry and foot the bill for flood insurance no matter where you live. Learn more about flood insurance or get a quote for a policy from Anywhere Insurance Agency.

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This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. This material is not intended to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice.

About Bobbi Pronin

Barbara Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade. 

Bobbi is not an employee of Anywhere Integrated Services or affiliated with its title companies.