Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, September 26, 1993 TAG: 9309260050
SECTION: NATIONAL/INTERNATIONAL PAGE: C-3 EDITION: METRO
SOURCE: VIVIAN MARINO ASSOCIATED PRESS
DATELINE: NEW YORK LENGTH: Medium
There was one major drawback: The first floor of the house is only 6 1/2 feet above sea level.
When Hurricane Hugo pounded the region four years ago, before the Morrises had moved in, nearly 7 feet of water flooded the house, windows were blown out, doors were knocked off hinges. The owners restored it with insurance money but wanted to move, spooked by the risks of another flood.
While Morris maintains that the benefits of owning an affordable home near water still outweigh the risks, the 36-year-old financial planner says she can't help feeling a little apprehensive.
The only thing that helps her sleep at night, Kyra Morris says, is the flood insurance policy she has safely tucked away.
Flood insurance - available through the government-run National Flood Insurance Program - provides protection against damage caused by overflowing rivers, streams or oceans, even accumulated heavy rains and some types of mudslides. Those are areas not covered by standard homeowner policies.
But how much coverage does an average homeowner miles away from the nearest body of water actually need?
The answer depends partly on your tolerance to risk as well as your ability to withstand damage, says J. Robert Hunter, president of the National Insurance Consumer Organization in Alexandria, Va.
Hunter suggests property owners do a little research before making any decisions.
Check your homeowners or renters policies to see what coverage you already have. While homeowners policies won't cover floods from rivers or oceans, most do protect against water damage resulting from heavy winds or collapsed water pipes. A few offer added protection for a small extra charge for floods caused by sewer or drain backup.
If your community has little or no known flooding problems, "you don't need extra insurance unless you worry about the sump pump or sewer backing up," he said.
A local flood plain map kept by most communities can tell you how much damage your particular lot would receive in the event of a so-called 100-year storm.
Hunter also recommended taking a look at your property to see if it's even worth added insurance. "Maybe there's nothing in your basement to flood. If you have nothing in your basement, then there's not much to damage," he said.
Kyra Morris, the financial planner who runs Morris Financial Concepts in Charleston, says a number of her clients live on or near the coast, and she recommends that all of them get coverage for the contents of their homes, as well as the structures.
"They have flood insurance because they're required to in order to get a mortgage, but they may not insure their contents," she said. "I've seen people lose expensive oriental rugs and other furnishings [during Hurricane Hugo]. The cost for insuring contents is negligible."
Noting that a portion of the house is below sea level, she said, "We keep our contents on the first floor as minimal as possible. We try not to keep too many nice things there."
by CNB