Punxsutawney Phil made it official on Groundhog Day 2015: We're in for 6 more weeks of winter. But while it might be hard to look beyond the shoveling and snow blowing—and buying snow tires—it won't be long before the thaw arrives. And with that thaw can come flooding.
That makes early February an ideal time to purchase national flood insurance. The coverage requires a 30-day waiting period before it's activated.
In fact, floods don't always wait for spring. As FloodSmart.gov, the Federal Emergency Management Agency website promoting national flood insurance, notes, floods can occur because the ground is frozen and snow melt or rain has nowhere to go but inside your home (in particular the basement). It can happen in newly developed areas, where new roads reduce water absorption into the soil.
FloodSmart.gov estimates that nearly 20 percent of flood claims originate in areas deemed "moderate" or "low" risk. So regardless of your living situation, flood insurance is often worth buying.
Our Insurance Center has advice on saving money on homeowners insurance and details on other types of coverage.
You can purchase flood insurance from a private insurance company or from the National Flood Insurance Program. Not too many private insurers offer their own flood insurance. However, you can buy national flood insurance, backed by the federal government, through most agents that sell homeowners insurance.
Flood coverage is capped at $250,000 per dwelling and $100,000 for contents. The insurance also pays for debris removal. There are eligibility requirements, however, and numerous exclusions. You can get an estimate of your premium at FloodSmart.gov; just fill out the red box on the right-hand side.
For more on homeowners insurance issues, check our homeowners insurance page, which includes a buying guide and Ratings of major insurers.
—Tobie Stanger (@TobieStanger on Twitter)
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