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Released: October 30, 2012
Hurricane may test limits of homeowners’ insurance
Source: Steve Mufson, Washington Post (Free Registration)
With rain flooding the Washington area, many homeowners may end up looking to their insurance to cover water damage to their homes or belongings. But standard homeowners insurance doesn’t cover flooding, warns the federal government Web site FloodSmart.gov, and that can be a costly omission. “Just a few inches of water from a flood can cause tens of thousands of dollars in damage,” the government site says. “From 2007 to 2011, the average residential flood claim amounted to almost $30,000.” And nearly a quarter of flood losses take place in areas considered to have a low to moderate risk of flooding, according to Allstate.Read Full Article: Hurricane may test limits of homeowners’ insurance
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