May 8, 2010
Homes 3x more likely to flood than catch fire.
When you review your monthly budget you may be putting money aside for items such as groceries, rent, clothing, and your gym membership, but have you ever listed flood damage on your budget? According to an article in the April 2010 Western Pennsylvania AAA Motorist magazine, flooding is the most prevalent natural disaster and you are 3 times more likely to be affected by flooding then fire. We certainly hear about the floods that reach the magnitude of the horrible May 2010 disaster in Nashville, but flooding comes in all sorts of intensities.
Flood damage is not part of normal insurances and everyone is at some level of risk of financial loss. You can be the most financially conservative person but one flash flood can set you way back. The average flood damage claim is $33,000.00. Most people will not have that much money set aside even before a natural disaster hits. Also, nearly all disaster relief money is considered a loan and must be paid back to the issuing authority. Fortunately, there are steps you can take to protect yourself.
You can learn more about what to do before, during, or after a flood here.
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