Creative Commons License photo credit: mjmonty

With all the devastating weather that’s been hitting the Midwest it’s hard to believe so many people have lost everything and don’t have any flood insurance. But many people don’t carry a flood policy and feel quite justified in this decision, and many of them are actually right not to carry the policy. If you live in a high risk area then you definitely should pick up a policy. If you live in a very low risk area, then you might want to weigh the cost of the added insurance policy against your risks and calculate your possible damages in the equation. But whatever you decide, make sure you consider both your primary residence and any additional properties you may own, even undeveloped land purchases.

Flood insurance is not included in a standard insurance policy and requires a separate policy. But getting the flood insurance may be one of the smartest moves you make. Even if you don?t live near a body of water or in a low lying area you may have water problems in the future. Flood insurance will cover you if there are heavy rains, a storm surge, excessive snow melts, blocked storm drains, dam or other levee breaks, or other wet disasters.? There are some other qualifications and you?ll have to research the policies very closely until you find the one just right for you.

But remember, even a little water can create thousands of dollars in damage and the added expense of a flood insurance policy may be worth more than the peace of mind it can bring.