It may be time to reconsider the need for flood insurance

ATLANTA - The flooding we've seen this hurricane season reminds us that water damage can happen well into the interior of a state. Many homes in Buckhead saw flooded streets and basements. If you have not considered flood insurance, Mother Nature's fickle new ways mean taking a second look.  

Most standard homeowner and renter's insurance policies don't cover flood damage. What's a flood? It's when water overflows - from rain, melting snow, rising waters, dam breaks - onto land that's usually dry. If you want coverage, just in case, that's a separate policy that you can get with a private carrier. But in Georgia, there's access to a federal program called the National Flood Insurance Program. If you live in a high-risk area and have a government-backed loan, flood insurance is required.

Insurance Commissioner John King explains that this extra coverage may be worth it, as just an inch of flood water can cause up to $25,000 in damage.

"Rates are often determined by how low or high the elevation of your local community is in relation to the flood plain. It's effective insurance. It covers up to $250,000 for the structure, and up to $100,000 for the contents: furniture, clothing, all that other stuff," he said.

High-risk areas seem obvious, but here's a stat we found that is sobering. Forty percent of claims come from outside high-risk zones. You may find some that can't get coverage like mobile homes not affixed to a permanent site, trailers and campers.

These links will provide more information: federal guidelines and national flood insurance participating locations.