Do You Need Flood Insurance?

Smartmoney.com: Consumer Action: Do You Need Flood Insurance?: "HURRICANE KATRINA WAS a horrific wake-up call to homeowners and renters nationwide who don't have flood insurance.
The Federal Emergency Management Agency (FEMA) estimates that only 40% of the residents in the flooded areas were covered by a policy. Most of those who did were required to have flood insurance in order to obtain a mortgage, according to FEMA spokesman Edward Pasterick. For policyholders whose homes were destroyed by Katrina, that insurance will prove invaluable, since it will at the very least pay for the restoration or rebuilding of their properties. "
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