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If Florida residents haven't been hit hard enough with high homeowners insurance premiums - and storms to boot - now State Farm customers will be losing some much-needed discounts. According to the major insurance provider, in the next few months, customers will no longer benefit from certain5-20%discounts as it tries to better restructure its expenditures amidst one of the most severe US recessions in history.

So what are the discounts being eliminated?

• More than one policy. In the past, customers could benefit from having more than one homeowners policy - or by having more than one type of policy (homeowners, auto, etc.).
• Security systems. Unfortunately, those who have benefited from having security systems installed in their homes will no longer receive a discount.
• No claims filed. Whether by luck or by supreme safety on your part, if you never filed a claim in the past, you could have received a discount. Not anymore.

While checking off discount items on their list to eliminate, State Farm tried to work in the discounts for storm mitigation efforts; however, the Florida Office of Insurance Regulation (OIR) did not approve it - yet. Instead, it asked the insurer to refile the request after offering some "additional guidance" on how to do so.

The discount eliminations will be effective Nov. 1 for new business and Dec. 1 for renewal business. However, the insurer's ultimate goal is to stop writing policies for the state of Florida altogether, a feat it has being trying to set in stone since the beginning of the year but won't fully accomplish until 2011.

Flood insurance is not like the other types of homeowner's insurance policies out there in that many people do not need to purchase it. However, if you are one of the people who must or should purchase this type of coverage, it's important that you learn its basics so that you can know what to expect.

What is Flood Insurance?

Flood insurance is a specific type of insurance coverage that financially protects policy holders against the loss of property from a flood. Not everyone is required to secure this type of insurance because not everyone lives in an area that's susceptible to flooding. However, those who are recommended to purchase flood should strongly consider doing so.

What Determines the Need for Flood Insurance?

You are likely required to purchase flood insurance if your structure is located within a high flood-risk area, which means that there is at least a1% chance, and it has a mortgage or loan on it from a federally-regulated institution. However, if you just own unimproved land in the high risk area, your insurance won't be mandatory, but your lender may have a clause to require it.

Where Can Flood Insurance be Purchased?

If you live in an area that is at risk for flooding then you can easily purchase the flood coverage with your local insurance company.

So just how much insurance should you buy? If you're purchasing federally-secured insurancein the FEMA-mapped high-risk area then you will likely be required to purchase an amount equal to the outstanding principal of your mortgage loan, the value of your building, or the maximum coverage available - whichever is less. In this circumstance, your insurance must be maintained for the life of your loan.

Now that you've learned some of the basics of flood insurance, it is up to you to determine whether you need it for your home. If you do, you next step is to shop around for home insurance rates and the best policy for you.

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