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Are You Eligible To Buy Flood Insurance?

Last week, we asked ‘What’s your profile’ for your home’s flooding risk. (Remember – the average home has a 26% chance of flooding, and a 10% chance to be destroyed in a fire.)

If you took the quiz and found that you would like to purchase flood insurance, it helps to know the following:

– Flood insurance is a special insurance program that is backed by the government. Hence its name “National Flood Insurance Program” (NFIP). In fact, flood insurance rates are set by the federal government, but sold through private insurance companies. Since the price is set, you select the insurance company based on the service it provides. (An insurance agent can help you with this.)

– To be eligible, the community you live in must participate in the NFIP, implementing floodplain regulations to minimize future losses.

– You can buy flood insurance nationwide, whether you live in a low-risk or high-risk area. But you must live in a participating community.

– You can buy flood insurance even if your home or property have been flooded before.

– As a private homeowner, you can insure your home for up to $250,000 and its contents for up to $100,000.

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