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Hurricane Preparation: It's time to buy flood insurance

Flooding is nature's most common natural disaster, affecting tens of thousands of homeowners and renters nationally each year and causing over $2 billion in property damage annually in the United States, according to the latest statistics from the Federal Emergency Management Agency (FEMA).

"People are often surprised to discover that flooding could happen to them, and some are even unaware that flood damage isn't covered by standard homeowners insurance policies," says MetLife Auto & Home Assistant Vice President Franklin Reid. "Flooding occurs in all 50 states in the United States, and, in fact, up to 25 percent of all flood claims come from people living in low-to-moderate-risk zones."

Standard Brevard County homeowners' policies don't always cover flooding that results from a hurricane. It depends on the source of the water -- storm surge, wind-driven or slowly rising. In some cases, only flood insurance reimburses a homeowner for damages. And since a homeowner must wait 30 days for flood coverage to become effective, it's important to apply before the hurricane season starts.

Exceptions to the 30-day rule include:

• There is no waiting period when flood insurance is required by a lender in connection with the making, increasing, extending or renewing of a loan. The policy will be effective at the date of the loan closing, as long as the application has been completed and the premium payment has been made at or before the closing date.
• There is no waiting period when flood insurance is required by a lender after a mortgage portfolio review shows that the building is in a high-risk area. The policy is effective upon completion of the application and receipt of the premium payment by the insurer.
• There is a one-day waiting period when a new policy or additional amounts of coverage are required by the lender during the 13-month period when a map revision changes the structure's designation from a non-high-risk area to a high-risk area.

For more information on flood insurance, visit the FEMA Web site at http://www.fema.gov or download an informational brochure'(Item No. 596N, National Flood Insurance Guide) from the federal information Web site, http://www.pueblo.gsa.gov.

©2006 FLORIDA ASSOCIATION OF REALTORS®