You don't think you need flood insurance? Think again!

Isaac Demonstrated the Need for Flood Insurance...

In late August slow-moving Hurricane Isaac sat on the Mississippi coast for two days dumping rain, totaling up to 20 inches in places, and battering coastal areas with a 10-foot storm surge. Rivers reached near-historic flood levels. Flooding damaged or destroyed nearly 3,000 homes, according to state officials.

"Flooding is the most common disaster we see in our state each year," said Mississippi Emergency Management Agency State Coordinating Officer Bill Brown. "Many who flooded during Isaac were not in high-risk flood zones. Having a flood insurance policy won't keep the water out of your house, but it will protect the investment you have in it."

Flood insurance is important regardless of your flood zone. In fact, people outside high-risk areas file more than 20 percent of claims. In Mississippi, 86,000 households have flood insurance. About 39,000 of those policies were bought by consumers living outside a high risk flood zone.

It is important to know that flooding is not covered under most homeowner insurance policies. If a covered peril, such as wind or hail, damages the structure and allows rain inside the building, the resulting water damage would be covered by your homeowner policy, but not damage caused by flooding.

By law, federally regulated or insured mortgage lenders require flood insurance on properties that are located in areas at high risk of flooding, called special flood hazard areas. An interactive guide to determine your flood risk is available online at FloodSmart.gov.

Flood insurance, with the average premium running about $500 per year in Oregon, can save homeowners thousands of dollars in repairs. Just 3 inches of floodwater in a home will require replacing drywall, baseboards, carpet, furniture and other necessary repairs can cost an estimated $22,590.

The deeper the floodwater, the more it will cost - 24 inches of water means repairs to the electrical system and the heating and cooling system. It also means replacement of doors, appliances and cabinetry, which could add another $40,000 to the bill.

Homeowners can insure their homes for up to $250,000 and contents for up to $100,000. Renters can cover their belongings for up to $100,000. Nonresidential property owners can insure a building and its contents for up to $500,000 each.

There is normally a 30-day waiting period when purchasing a new policy so now is the time to get your policy, before the next disaster strikes.

Most of us don't think much about flood insurance until it's too late and the damage is done, but experts say now is the time to act to try and protect yourself. Contact Modern Insurance Marketing, Inc. today at www.moderninsurance.com or 1-800-762-4646.