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What you need to know about flood insurance

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In Oklahoma, many families expect to deal with severe drought and tornadoes

However, flooding is the most common natural disaster in the United States.

In the case of flooding, most people don’t have adequate insurance to protect their home

Charles Farris said, “Every piece of furniture had to be removed from the house because of the risk of mold. It was heartbreaking. It was heartbreaking.”

Farris’ home took in more than two feet of water when Superstorm Sandy hit the coast last year.

His insurance didn’t even come close to covering the cost of replacing everything he lost.

Consumer Reports says there are many misconceptions about flood damage and insurance.

Tobie Stanger said, “Homeowner’s insurance doesn’t cover flood damage for either your home or your belongings. For that, you need flood insurance and we recommend coverage both for your home and its contents.”

Even with contents coverage, you’ll only get the value of your belongings when the flood hit, not what it will cost to buy everything new.

Stanger said, “If you’re a homeowner getting enough coverage for the structure itself is also really important. Our advice, get as much coverage as you can.”

The FloodSmart website can help you determine the amount of available coverage and the estimated cost.

Most residential flood insurance comes through the Federal Emergency Management Agency, so the terms and costs are standard.

He said, “Just because you don’t live near a body of water doesn’t mean you don’t need flood insurance. Heavy rains could cause flooding. In fact, one in five flood claims comes in from an area that’s not considered high risk.”

Farris regrets not having adequate flood coverage, which is now costing him.

Farris said, “To bring it back the way it was, I think I’m looking at $80,000.”

Consumer Reports say one way to keep flood insurance premiums down is to raise your deductibles.

Also, check to see if you can pay a lower premium if you have your central air-conditioning unit and other home systems above the flood line.