However, there are many people living in flood zones or areas with moderate risk who either choose not to get flood insurance or opt to let their policy lapse.Īccording to the Insurance Information Institute, an industry trade group, Florida, Louisiana and Texas account for 40% of all flood insurance policies nationwide.īut it’s not just coastal states that need to be vigilant. In those places, flood insurance is mandatory for any property owner with a federally backed mortgage. Virtually every property owner in the US can get FEMA flood insurance, but those living in higher risk areas may be required to purchase a plan.įor example, much of Miami is considered a Special Flood Hazard Area. In the past few years, these providers have carved out a niche in the flood insurance market by offering more coverage and higher limits than the federal plans. In that case, it may be important to consider private flood insurance options. If flooding damages your home beyond repair, this amount may not be enough to rebuild. For businesses, the maximum coverage is $500,000 for each. Under FEMA policies, coverage for single-family homes is capped at $250,000 for a building’s damage and $100,000 for its contents. “Insured survivors are more resilient and recover more quickly following a disaster. “Flooding is the most common disaster across America,” said David Maurstad, senior executive of the National Flood Insurance Program. That means that even a plan through a company like GEICO is backed by the federal government. In the United States, FEMA has traditionally provided all flood insurance plans through the National Flood Insurance Program (NFIP). Flood insurance for renters only covers the contents of their home. These policies are not usually included in homeowners insurance, but they can cover harm to the integrity of the building itself and loss of belongings inside. Here’s what you need to know about it.įlood insurance is a type of policy that protects renters, homeowners, and business owners from damage caused by flooding. Massive amounts of rainfall triggering floods in the Northeast - and predictions of more extreme weather this year - are a deadly reminder of the importance of flood insurance.īut while the policies can be vital in protecting many households’ largest assets, flood insurance is still poorly understood and often passed over. That means the overwhelming majority of homeowners cleaning up from the flood are discovering that their homeowners policies will not compensate them for the damage caused by the massive storm. That’s according to the most recent data from the Federal Emergency Management Agency (FEMA), which runs the program.
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Some drivers swam out of their cars to safety, and 13,000 homes lost power.īut only four property owners in the entire town have active flood insurance policies. Kathy Hochul warned of “life-threatening flooding,” and nearby West Point saw a 1-in-1000-year rainfall on Sunday afternoon, totaling nearly eight inches in six hours.
Highlands, New York, was underwater and under a state of emergency as devastating floods swept the area this weekend.
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