Is flood insurance right for you? Home, renter insurance policies don't cover floods

PHOENIX - It's easy to overlook the importance of flood insurance when you live in a place where the sun shines nearly 300 days out of the year.

What we tend to forget is, that same sun dries out the ground.

And every Monsoon season we are reminded that the sun-dried ground plus heavy down pours, equal flash flooding.

Fortunately, many of us will probably never have to experience cleaning up our homes after water and mud have rushed through them.

But the possibility is always there. That's where flood insurance comes in.

Regular homeowner and renter insurance policies will not cover damage resulting from natural or weather related flooding.

Some mortgage companies require a policy upon purchasing a home, but a lot don't.

The National Flood Insurance Program is run by FEMA and allows renters and homeowners to purchase flood insurance.

The policy takes 30 days to kick in after the purchase date. It covers up to $250,000 in repairs to your home, and up to $100,000 for replacement of your belongings.

Designed to be affordable, the program policies start around $129 per year but go up according to the amount of coverage you buy, location and flood risk. Check with a certified insurance agent for exact prices for your home. You can get more information on that here .

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