The Property Casualty Insurers Association of America released information on what consumers need to know about flood insurance:
Regular homeowner’s insurance covers damage from a storm, but not from flooding. You need to buy a policy from the National Flood Insurance Program to protect your house and property. (You can buy it through an insurance agent.)
Flood insurance covers physical losses from flood or flood-related erosion caused by waves or currents. The typical policy covers structural damage and damage to to air conditioners, furnaces, water heaters and any clean-up required. Consumers can also buy coverage for the contents of their homes.
If you recently bought flood insurance because of reports of Hurricane Sandy, you’re out of luck, The policy doesn’t kick in until 30 days after purchase.
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