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Flooding not covered by most insurancePosted On Wed, June 16, 2010
Consumers might assume that their home is covered in the event of a flood, but later find out that is unfortunately not the case.
Surprisingly, damage from flooding is not covered under most home insurance, according to a new report in the Oklahoman newspaper. Many consumers have learned the hard way that their homes need to be insured against flood separately through the National Flood Insurance Program.
The Oklahoma Insurance Department issued more than 500 temporary insurance adjuster licenses in May in response to a pair of large storms that ripped through the state and forced Insurance Commissioner Kim Holland to declare an emergency, the report said. Holland told the paper that the storms caused about $1 billion in insured damage.
The only kind of everyday policy that insures against flooding is auto insurance, the paper said.
Oklahoma City TV station KFOR said that even if homeowners want flood insurance, there is normally a 30-day waiting period before they can apply, but even that can't be accomplished because Congress recently let the federal program expire last month due to lack of funding.
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