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Protecting Your Properties. Protecting You.
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MORE THAN 90% OF HOMES
LACK FLOOD INSURANCE
A new report by ValuePenguin.com states
that just 7% of homeowners have a flood
insurance policy, despite floods being the most
common natural disaster.
e Atlantic hurricane season has just
begun, and while 91% of homeowners have a
homeowners insurance, almost three-fourths of
U.S. adults think disasters such as hurricanes
are getting worse and more than 40% have had
property damage from weather.
e report states that 44% of homeowners
in Louisiana have flood insurance, which is the
highest in the nation. Louisiana was followed
by Florida (36%), Hawaii (23%), South Carolina
(16%), and New Jersey (11%).
Minnesota and Utah have the lowest rate
of flood insurance at 0.6%. Rhode Island,
Connecticut, Vermont, Massachusetts, and
Pennsylvania are the most expensive states to
purchase flood insurance, with premiums 69-
100% more than the national average.
e average cost of a flood insurance
policy through the National Flood Insurance
Program is $699 a year.
e issue of underinsurance within flood
policies is closely tied to a recent report by
CoreLogic that revealed how underinsurance
can impact the lending industry.
e report notes how each area at high
risk for natural disasters, such as Southern
California and wildfires, and the Northeastern
Atlantic and Gulf Coast regions from
hurricane damage, as well as the Tornado
Alley, can be impacted by insufficient funding.
Disruption to income from natural disasters
including wildfires, tornadoes, and hurricanes
can lead to mortgage defaults, and CoreLogic
notes that delinquency and foreclosure spikes
following a disaster.
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