Volusia County, FL - Every year, federal, state, county and other municipal agencies remind residents of being prepared for a hurricane. The state of Florida created a six-day tax holiday to encourage people to get supplies, water and maybe a generator. There is something else you should have, according to FEMA, and that's flood insurance.
Chief Executive of the National Flood Insurance Program for FEMA, David Maurstad said many people said there are 22,300 participating communities are included in the program but many think that flood insurance is too costly. He said in a low to moderate risk area, your cost could be as low as $500 annually. The average in more high-risk areas is about $900 per year.
Maurstad said flood insurance is an important step to take for both property owners and renters to protect what they have. He said that one inch of water in your home is estimated to cause about $25,000 in damage. Maurstad said with flood insurance, you can put your life back together after a flooding event.
There are different ways to find out about your risks. Maurstad suggests the website FloodSmart.gov to learn about flood risk, flood insurance options, mitigation options and steps you can take to minimize your damage risk. Or contact your insurance agent to explain the risks and options to you.
to learn about flood risk, flood insurance options, mitigation options and steps you can take to minimize your damage risk. Or contact your insurance agent to explain the risks and options to you.
The 2018 hurricane season saw nearly $50 billion in damages with many homes having no flood insurance. Hurricane Michael alone caused nearly $8 billion in damage due to flooding.
Flood insurance policies typically take 30 days to go into effect. Maurstad said that those with flood insurance recover faster and more fully than those dependent on Federal Disaster Assistance, which is a loan that has to be repaid with interest. Something else to know, most homeowners and renters insurance policies do not include flood damage.