Flood insurance 101 after Atlanta

With the devastating flooding taking place in Atlanta, it may be a good time to re-visit the issue of flood insurance. Because we live in "hurricane country" many of you may already have proper coverage. However, some may be under the assumption that their homeowner's insurance is sufficient.

Georgia Insurance Commissioner John Oxendine says " Many of the homeowners afflicted by the flooding in Atlanta don't have coverage."

According to Oxendine, while a standard homeowner's insurance policy covers damage from a variety of things, it does not cover damage from flooding. A separate policy must be purchased through the National Flood Insurance Program, and can only be purchased if your community participates in the national program.

In Savannah, Allstate agent Jim Grusheski says "the best way to understand this is to realize that once the water hits the ground it's not covered by your home owners insurance, then it's covered by your flood insurance policy."

In other words, "rising" water that first touches the ground (and then accumulates and rises until it goes inside your home) is NOT covered by home owner's insurance. Grusheski says most local insurance agents sell flood insurance through the national program. "I'm sure there are people here that don't realize they may need flood insurance but we're trying to educate more and more of them."

Locally, there are a number of flood plains that are large, residential areas. Grusheski says it's not only important to determine if you need flood insurance coverage, but to buy the proper amount. "most agents can help you with that," he says. "We have data available to us regarding flood plain maps that show us what flood plain you may live in, and how much your coverage may cost."

Grusheski points out that once a flood policy is purchased, it does take 30 days for the policy to go into effect. The only exception to that would be if you are purchasing a home and the insurance is required for closing. In that case, the flood policy would go into effect immediately. We'll have more on what you need to know on News 3 at six.