When storms are heading towards land, most insurance companies stop selling new policies or won’t allow coverage increases — or both.  That’s why it’s important to evaluate the insurance coverage you have for your home and/or business before a storm enters the Gulf.

Flood Insurance

A typical homeowners insurance policy doesn’t cover damage from flood or other surface water, including storm surge.  You will need a separate flood insurance policy, available from the National Flood Insurance Program (NFIP).  NFIP policies have a 30-day waiting period before coverage becomes effective.  If you have been told that you do not need flood coverage, consider this- some insurance policies define flood as “water flowing across your property.”  A heavy rain could potentially cause flood damage that would not be  recoverable under your homeowner’s policy.  Even if you don’t live in a low lying area or near a water source, it’s a good idea to consider flood coverage.  For more information about the NFIP program and Flood Insurance: http://www.fema.gov/pdf/nfip/summary_cov.pdf (more…)