What is flood insurance?
The Bankrate.com financial term of the day is: "flood insurance." Homeowners or renters insurances generally cover damage or destruction caused by fire, windstorms, hail or lightning. One thing that's not covered is flooding. For that, you need flood insurance, mainly offered by the government's National Flood Insurance Program. It pays for losses due to rising water, though not falling water. A policy would not take care of a TV ruined by rain falling through a hole in the roof, but it would replace a TV wrecked by heavy rain that floods a home. The insurance typically has a 30-day waiting period, so if a big storm is on its way and you don't have flood insurance, you're probably out of luck.
Floods are miserable and can happen practically anywhere. If you have standard home insurance, you might not have flood insurance. And if you don't have flood insurance, you probably need it.
To shop for insurance to fit your needs, visit the Insurance section at Bankrate.com.
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