Do you have adequate flood insurance? Flood insurance is not on the typical homeowners insurance policy and every year a quarter of the flood losses happens to homes considered “low to moderate flood risks” by the Federal Emergency Management Agency (FEMA). That’s right, 25% of flood losses occur in areas where they’re not expected. This is made worse by the fact that if you don’t expect it, you probably aren’t insured, which means especially painful losses.
The Consumer Federation of America recommends getting flood insurance if there is any doubt you could be at risk, which goes against general insurance advice. It’s so significant that some mortgage lenders require it.