Only slightly more than half of the 10 million properties in the United States most at risk of flooding are insured by the National Flood insurance Program (NFIP). And less than seven percent of all homes are insured against the risk of flooding. These two facts are of concern when you consider that:
- The National Academy of Sciences reports that the damages caused by the floods is expected to double every ten years for the rest of the century because of climate change and coastal urbanization increase.
- There is a 26 percent chance that at-risk properties will experience a loss of flooding during their 30-year mortgage.
- Although there is a chance of one percent of a house knows a fire in a 30-year period, only five percent of Americans forgo insurance owners.
- people who live outside the high-risk areas produce more than 20 percent of NFIP claims and receive one-third of aid in disaster for flooding. (This is especially true for homes in new residential developments since developers often divert natural flow paths and cut down trees to accommodate new homes.)
- Winter storms and melting snow are frequent and overlooked causes of flooding that can happen to homeowners who do not live in flood-prone areas at high risk.
One in five people mistakenly believe that flood coverage is provided under their homeowners policy. Yet, because of the often widespread catastrophic flooding, policy owners are not automatically include coverage for floods. Coverage is usually provided by the NFIP, a program created in 1968 by the federal government of the United States.
Most communities (but not all) are eligible for insurance against floods. An insurance professional as an Erie Insurance agent can tell you if it's available in your area. If it is, you can buy coverage against flooding through ERIE partnership with American Bankers Insurance Company, a flood carrier funded by the federal government of high rank. If you are interested in insurance against flooding, it is best to act sooner rather than later, because there is a waiting period of 30 days before the policy takes effect.
In addition to communicating with your Erie Insurance agent, you can also learn more about flood prevention and the NFIP by visiting FloodSmart.gov or floodtools.com or by calling 1-800-Call- FLOOD (1-800-225-5356).
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