Flood insurance advice and news

As victims of the recent flooding in Nashville begin to dig out from the devastation, the National Flood Insurance Program (NFIP) has advice for ensuring as little lasting damage as possible to flood-damaged property. Consumer Reports offers additional advice that applies to both flood damage and other types of home damage.

Consumer Reports Auto Blog tells what to look for to ensure you don't end up with a flood-damaged car when you shop for a used car.

And if you haven't purchased flood insurance because you think your home isn't vulnerable, think again. A quarter of flood claims to the NFIP come from homes located in low-risk areas. Consumer Reports offers answers to common questions about national flood insurance. You can also visit www.floodsmart.gov to determine the flood risk of your property, and the estimated cost of coverage.

While you're assessing your flood insurance needs, it's a good time to reconsider your homeowners insurance coverage, too. Consumer Reports offers general tips on buying homeowners insurance, including Consumer Reports homeowners insurance Ratings, based on readers' claims experience. Consumer Reports Money Adviser also shows how much raising your deductible can save you over the years.

In related news, Sen. Barney Frank (D-Mass.) this week introduced legislation intended to ensure no more lapses in NFIP funding. The federal program provides nearly all flood protection for U.S. homeowners. The program lapsed twice this year because authorization for its funding was attached to bills that were not passed. As a result, according to The Washington Post, some 1,400 would-be homeowners were unable to obtain coverage and close on pending home sales.

Frank's flood bill is a companion to a comprehensive bill sponsored by Sen. Maxine Waters (D-Ca) and passed by House Subcommittee on Housing and Community Opportunity last month. Frank said his bill would ensure that the NFIP can continue to issue policies through September 2010, allowing for more time to pass a bill authorizing a five-year extension of the NFIP.