Floods Batter the Midwest –Here Is What You Need To Know About Flood Insurance

UPDATE:

Floods continue to drench the Midwest.

The National Weather Service is reporting today that the cost of the floods' destruction is approaching hundreds of millions of dollars, and may eventually cause more harm than area flooding in 1993, which resulted in $20 billion in damages.

In addition to thousands of homes that are flooded, many levees and dams have either failed or are in danger of failing. The extreme weather has even forced major businesses such as Tyson Foods Inc. (TSN), Deere & Co. (DE), and Mississippi riverboat casinos to temporarily suspend operations, according to the Wall Street Journal (NWS). 

On a positive note, organizations are stepping up to help, and you can, too.

The Indianapolis Star reports that Wal-Mart (WMT) will donate $500,000 to the American Red Cross and Salvation Army in five of the flooded states: Indiana, Illinois, Iowa, Nebraska and Wisconsin. Charlotte, N.C. based Duke Energy has donated $80,000 to American Red Cross and is offering its customers a chance to take a workshop to train as Red Cross emergency relief worker. 

If you would also like to help the relief efforts by making a donation to the American Red Cross or The Salvation Army, you can make a donation online, or at a local chapter of the organizations. 

The bad news for the flood-soaked Midwest continues, as another round of violent rainstorms hit today, creating further havoc in towns like Cedar Falls, Iowa, where the Cedar River is reportedly cresting at an all-time high of 102 feet. Now officials are preparing to evacuate residents along the Cedar River, which threatens to breach a levee, according to the New York Times (NYT).