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Flood coverage an option for renters, too

Renters, like homeowners, are seeking coverage against flood damage in certain areas of the country

Home prices have been falling and a number of first-time homebuyers have been considering scooping up residential properties – especially given incentives currently offered including a tax credit from the government.

But for many, they remain priced out of the residential real estate market or they believe prices will fall further and in the mean time are renting an apartment or home.

Whatever the reason may be for option to rent versus own, it is still important to understand the coverage available from a renters insurance policy and what exactly is protected – especially for those living in an area of the country likely to be hit by floods.

“Flood insurance can provide financial relief from flood damages to a rental home’s contents,” said Federal Coordinating Officer Michael H. Smith of the Federal Emergency Management Agency.

“Flood insurance can be very inexpensive, and we urge renters to contact their insurance agent,” he added.

Since flood insurance is not typically part of standard renters insurance plans, purchasing the coverage could be a smart financial move in certain situations.

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Posted: May 18, 2009

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