Volusia County Recommends Residents Review Flood Insurance Plans Soon

By on September 3, 2017 in WNDB News

Volusia County, FL – With several months left in the hurricane season that ends on November 30, Volusia County residents are urged to review their flood insurance plans.

www.FloodSmart.gov says that in the U.S., floods are the number one natural disaster. Standard homeowners insurance does not cover flood damage, so residents are recommended to purchase a separate National Flood Insurance Program (NFIP) policy from an insurance agent. NFIP policies are overseen by FEMA. Flood insurance can also be bought through private insurance companies.

“Many people erroneously believe that because they don’t live in a high-risk flood area they don’t need flood insurance,” said Volusia County Emergency Management senior planner, Larry LaHue. “As Hurricane Harvey demonstrated, a catastrophic flood can impact areas well outside of mapped high-risk flood areas. It is important to remember there is no such thing as a no-risk flood area. There are high- and low-risk areas, but there is no such thing as a no-risk flood area.”

The price of a flood insurance policy varies depending on how much coverage your policy has and your flood risk. You can check your flood risk using a NFIP flood map.

If you own a mortgage from an insured lender and you live in a high-risk flood zone, you are legally required to have a flood insurance policy. If you live in a moderate-to-low flood risk area, you may not be legally mandated to buy flood insurance, however, lenders can legally require you to do so.

“In 2008, Tropical Storm Fay dropped more than 30 inches of rain on the west side of the county, and in 2009, the “No-Name” rain storm flooded hundreds of homes on the east side of the county, with both storms having devastating results,” said LaHue. “Many homes that flooded did not have a flood insurance policy, so the homeowners had to pay for repairs out-of-pocket. Just a few inches of water in a home can cost more than $40,000 to repair.”

Flood insurance policies usually do not take effect until 30 days after they are purchased. Residents are recommended to buy flood insurance policies before the hurricane season begins. If you do not already have flood insurance, you are encouraged to talk to an insurance agent.

“Not everyone understands the need for a separate flood policy,” said LaHue. “In fact, research shows there’s a common misconception that homeowners insurance covers flood damage when, in fact, it typically doesn’t. In a March 2013 survey commissioned by Allstate, 44 percent of Americans said they believed they were covered for weather-related floods when, in fact, only 15 percent reported having purchased a flood insurance policy through the NFIP.”

Copyright Southern Stone Communications 2017.

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