I am on the fence about whether to buy flood insurance, especially since I live in an area that participates in the National Flood Insurance Program. Why should I bother forking out additional money for private flood insurance coverage?
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UPDATED: May 10, 2010
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Insurance Question from Tallahassee, FL
Asked on 05/10/2010
I am on the fence about whether to buy flood insurance, especially since I live in an area that participates in the National Flood Insurance Program. Why should I bother forking out additional money for private flood insurance coverage? NULL
Answer given on May 21, 2010
It sounds like you’re misunderstanding the National Flood Insurance Program (NFIP). They don’t pay in the event of a flood, and your questions makes it seem as if that is what you believe.
You have to purchase flood insurance through a private company in order to receive assistance after flood damage. In order for people to purchase private flood insurance, their community MUST participate in NFIP. So, it offers you a way to purchase flood insurance. It’s not free flood insurance, though.
You should purchase flood insurance in the event of flood damage to your home and belongings. Otherwise, you have no other protection to help rebuild your home or for assistance with your personal belongings. Home insurance will not cover this damage.
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