Flood Insurance for homes

Homeowner's policies do not cover flood damage. You must buy a separate policy for flood protection.

A Flood policy for most property owners is very affordable. For most Homeowners, under the current rate structure, the premium for $100,000 dwelling coverage and $40,000 contents coverage is $233 a year if you qualify for the Preferred program. The minimum deductible is $500.

You can purchase any amount of coverage. However, in order to have Replacement Cost coverage on the dwelling, you must carry enough insurance to equal 80% of the Replacement Value of the structure.

Remember any rising water is generally considered a "flood". So if the local bayou overflows, or if your street does not drain and several homes on your block take on water, you must have a specific flood policy to give you the coverage that you need. Even a couple of inches of water can do enormous amounts of damage to a home. Don't risk being without it.

Remember, your Homeowners Insurance does not provide Flood coverage and government assistance programs after the flood are usually very limited in scope and amount. Don't find this out after the loss has occurred!