With Hurricane Irene bringing severe storms and heavy rains to various parts of the country in recent days, flooding to homes and businesses is on the minds of many homeowners and business owners alike.
Flooding and, more importantly, flood insurance has been on the minds of those at the National Association of Realtors (NAR), as well. Specifically, the NAR is calling for the reauthorization of National Flood Insurance Program (NFIP).
A typical home insurance policy does not cover flood damages that come as a result of storms. Instead, a separate flood insurance policy must be purchased to provide protection.
According to the NAR, water damage resulting from a hurricane is only covered by flood insurance, and this flood insurance must be purchased through the NFIP. Read more…
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