The U.S. Federal Emergency Management Agency (FEMA) is advising homeowners to purchase flood insurance ahead of the Atlantic hurricane season, which officially begins on June 1st.
Home insurance policies do not cover flood damage and homeowners cannot expect to be compensated for flood damages without flood insurance, FEMA said.
"Past hurricane seasons have shown that storms can form as early as the beginning of June, so property owners can't afford to wait to buy flood insurance," said Ed Connor, acting federal insurance administrator for FEMA. "Just a few inches of water can cost thousands of dollars in repairs and in this economy few can afford that potential drain on their savings."
Flood insurance is affordable and available through about 85 insurance companies in approximately 20,600 participating communities nationwide.
National flood insurance is available to renters, business owners and homeowners, even if it is not required by the terms of a mortgage.
It typically takes 30 days from the time of purchase for a policy to become effective, FEMA said.
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Posted: April 29, 2009
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