As part of Quixtar Randy Haugen's Finance News today I'm bringing your attention to a column by Kimberly Lankford about the truth about buying flood insurance.

Lankford asked the question whether costs for flood insurance have gone through the roof since Hurricane Katrina, and here is her response: "Surprisingly no. Even though the federal flood program paid out about $23 billion in claims from Hurricane Katrina, the premiums for flood insurance haven't changed very much over the past few years. In fact, the price remains exactly the same for people in low-risk areas: They continue to pay $317 per year for the maximum coverage ($250,000 for dwelling; $100,000 for possessions) if they don't have a basement and $352 if they do."

"After Katrina, people also started to recognize the limitations of the federal flood insurance program. The maximum dwelling coverage of $250,000 could leave people with expensive homes hundreds of thousands of dollars short if they have a total loss."

To read more about what Lankford has to say, click on The Truth About Flood Insurance. Or to read about other financial matters, click on Haugen Finance.