Hurricane Harvey offered a stark reminder that skimping on insurance could leave you financially unable to repair the damage from a natural disaster. Standard homeowners insurance doesn’t cover flood damage; this type of policy has to be purchased through the National Flood Insurance Program. Yet, just 17 percent of residents in the eight counties most directly affected by Harvey had flood insurance, according to a Washington Post analysis.
Just 12 percent of homeowners nationwide have flood insurance policies, according to a 2016 survey by the Insurance Information Institute. On average, a flood insurance policy costs about $700 a year, according to FEMA. That might seem like a lot, but it’s a fraction of the average paid flood claim, which is $31,000. If you don’t live in a high-risk area, you could get coverage for as little as $137 a year, according to FEMA.
You don’t want to go broke in retirement. Despite all your preparation, however, you might…
Tax season began on Jan. 28, but millions of Americans have likely put off filing…
This Easter, celebrate new life with a nostalgic nod to an earlier era. From enjoying…
If you’re a merchant, the only way to profit is to sell stuff for more…
Retirement planning is no easy task. Not only do factors like salary, debt and expenses…
Nowadays, shopping online is one of the easiest things anybody can do. All you have…