Most in U.S. know homeowner's insurance won't cover flood

NEW YORK, April 30 (UPI) -- More than 4-in-5 U.S. adults say they know a standard homeowner's insurance policy doesn't cover flood damage, a survey indicates.

The Federal Emergency Management Agency and its National Flood Insurance Program identify flooding as the United States' No. 1 natural hazard, but less than 4-in-5 U.S. adults said they have not acted to get flood insurance, a survey by Bankrate.com reported.

FEMA usually classifies properties as either high flood risks or low-to-moderate flood risks. Bankrate.com asked Americans whether they know the correct classification for their home. Fifty-one percent said they knew the correct risk category.

"The vast majority of Americans know the key facts about flood insurance, but they haven't taken the necessary steps to protect their homes," Doug Whiteman, insurance analyst for Bankrate.com, said in a statement.

Whiteman said homeowners should first ensure they know their home's correct FEMA flood risk designation. Next, they should review their homeowner's insurance policy and investigate the cost and availability of a separate flood insurance policy. He said the price might be cheaper than expected.

"The average flood insurance policy costs about $50 per month, so for roughly the cost of dinner and a movie, consumers can protect themselves against disaster."

The survey of 1,003 adults in the continental United States was conducted by Princeton Survey Research Associates International. The survey has a margin of error of 3.7 percentage points.