NEW YORK, March 11, 2010 — Having flood insurance will be increasingly important this year as spring rain combines in many parts of the U.S. with the melting of record snowfall, according to the Insurance Information Institute (I.I.I.).
Many states on the Atlantic seaboard were hit with record amounts of snowfall only a few weeks ago, creating a situation where already overflowing bodies of water are placed under additional pressure,” said Michael Barry, vice president of Media Relations at the I.I.I. “Homeowners and renters who reside near small streams and creeks should already have flood insurance but, those who don’t ought to secure a flood policy because this will continue to be an issue into the spring season.
Flood damage is excluded under standard homeowners and renters insurance policies. The optional comprehensive portion of an auto insurance policy includes coverage for flood damage. Read more...
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