Flood insurance - would you buy it?

Right now you cannot buy overland flood insurance as part of your homeowner's policy. If you could, would you? Most would answer, "yes".

The insurance industry is conducting research into the possibility of offering flood insurance. With this addition you would have the coverage necessary for when the heavy rains and unusually high run off from the mountains causes flooding.

There have been huge losses paid out by emergency government funding for this type of claim. So if it does happen, it will likely not be cheap. The sewer back up insurance would still be charged for as a separate claim.

Most people think that they do indeed have flood insurance and are dismayed to find out that a big cheque for repairs is not gong to be covered by insurance.

TurnersTips will keep you informed if there is a change in place for the 2011 flood season.