Flood policies don't cover landscaping or swimming pools.
Maximum flood insurance coverage is $250,000 for structure and $100,000 for contents when buying through the National Flood Insurance Program. However, some property insurers will provide excess coverage for homeowners who want it. If you live in a high-risk area, your mortgage lender is likely to require that you buy flood coverage, at least to cover the balance of your loan.
In those high-risk areas, the coverage is also costly, Kinerney said. Someone living near the beach in Florida, for example, may pay $6,000 annually for a policy. However, the average cost is about $500 a year, and those who are in low-risk zones can pay as little as $119.
Still, it makes little sense to buy any extra coverage if there's no chance you'll need it, said Robert Hunter, director of insurance with the Consumer Federation of America. The smartest thing to do is consider your personal risk.
The first step to doing that is to consider the government's assessment of your flood risk. You can view or buy an actual flood map for your area at msc.fema.gov. However, unless you're a geologist, you may have trouble understanding what you're reading. If you want a simpler version, go to www.floodsmart.gov and plug in your address.
If your area has a flood map, the site will respond by telling you whether your risk is low, moderate or high. It will also estimate your flood insurance premium and suggest agents who could sell you a policy.
However, many people will find that there's no current flood map, Hunter said. In that instance, you have to do a self-assessment of risk, evaluating your home's location and surroundings. If your home is in a valley or on a hillside, insurance is worth considering -- especially if the policy is cheap -- Hunter said.
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kathy.kristof@latimes.com
