“Hurricanes and floods can endanger lives, economic viability and full communities,” says Ellsworth Buck, V . p . of Insurance, Florida's largest independent homeowners insurance agency.
Seeing the destruction Hurricane Florence left behind in the Carolinas, is a heartbreaking reminder of the importance of flood insurance. According to data from Pew Charitable Trusts, between 2000-2021, flood related disasters accounted for a lot more than $750 billion in losses in the U.S. Flood related disasters are the most typical and many expensive disaster threat in america.
Pew Charitable Trusts also reports, when Hurricane Irma hit Florida this past year, 14 % of the 3.3 million households in the nine counties impacted by the disaster had flood insurance. Leaving many Florida residents in the future out-of-pocket for repairs and expenses.
“Most homeowners are unaware of natural disasters included in a typical homeowners insurance policy,” says Ellsworth Buck, V . p . of Insurance, Florida's principal independent homeowners insurance agency.
A standard homeowners insurance policy covers natural disasters such as wildfires, tornadoes and hail storms. Two natural disaster categories a typical home insurance policy won't cover are floods and earth movements.
Floods are understood to be rising water from excessive rainfall, hurricanes, storm surge, dam failure along with a tsunami. Earth movements include earthquakes, landslides and sinkholes.
A homeowner might have a hurricane deductible included on their homeowners insurance, however it will not cover the flooding the result of a nearby lake that overflows during a hurricane. Experts with CNBC say a hurricane deductible typically ranges from one to 5 percent, with respect to the specifics on your homeowners insurance policy. The percentage is dependant on your insured value, not the damage caused.
Flood insurance coverage is provided with Insurance, with the National Flood Insurance Program. Also, additional disaster coverage is available for addition to a standard homeowners policy. Don't hold back until the report of a storm is looming. It takes 30 days for flood insurance to enter effect.
