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Homeowners: Your Flood Risk May Be Higher Than You Think

April 12, 2016 5:00 am

The Insurance Information Institute (I.I.I.) reports less than 15 percent of homeowners and renters have flood insurance—but nine out of 10 natural disasters involve some level of flooding.

“Too few residences are covered by flood insurance policies because many homeowners and renters underestimate their flood risk,” says Jeanne Salvatore, the I.I.I.’s senior vice president for Public Affairs and chief communications officer, noting that 20 percent of all flood claims come from moderate-to-low flood risk areas. “Most Americans should, at the very least, consider acquiring flood insurance because standard homeowners and renters policies do not cover flood-caused damage.”

Flood insurance is available to homeowners and renters from the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) and a few private insurance companies. Excess flood insurance policies can also be purchased by homeowners seeking coverage above and beyond the basic NFIP policy, which is capped at $250,000 for structural damage and $100,000 for contents. Those residing in a community that does not participate in FEMA’s NFIP also have the option to purchase an excess policy.

“There is a 30-day waiting period between buying an NFIP policy, and when the coverage takes effect, so those residing along the Gulf and Atlantic coastlines may want to act soon, because hurricane season starts on June 1,” Salvatore adds.

The National Oceanic and Atmospheric Administration (NOAA) projects elevated risk of moderate flooding in the South and areas along the Missouri River basin this year.

Source: I.I.I.

Published with permission from RISMedia.