|FLOOD INSURANCE is required by federally
regulated and federally insured lenders. The lenders require flood insurance on
manufactured homes, homes, condominiums, and commercial buildings located in high risk
flood areas. However, most standard homeowners, condo-owners and manufactured home
insurance policies do not cover flood losses.
Flood insurance is usually written through
the government-backed National Flood Insurance Program. You can purchase flood insurance
if your property is located in one of the 18000 plus communities that participate in the
Flood insurance may be more important than fire insurance in certain areas of the
country. Statistics show that during a 30-year mortgage, the chance of flood damage to
a residential property is 26 times greater than the chance of a fire loss.
Homes in moderate to minimal hazard areas are also eligible for low-cost coverage.
When you consider that more than one-third of all flood losses occur in moderate to
minimal Hazard Areas, you should consider flood insurance because you never know when you
might be flooded.
See the Flood Insurance Checklist for
information about flood insurance.
The cost of flood insurance under the federal flood program should be the same for all
companies writing the coverage. To obtain a quote for flood insurance click on get a quote now.