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FLORIDA
NFIP Has Paid Over $1B in Florida Since Irma
FEMA's National Flood Insurance Program (NFIP) has paid
more than $1 billion towards 21,949 flood insurance claims by
policyholders whose properties were flooded during the historic storm
since Hurricane Irma in Florida, Wink News reports.
Florida has more NFIP policies in force than any other state, and
officials are urging Florida homeowners, renters, and business owners
to contact their insurance agent and insure their properties from
flooding.
"One of the most important steps you can take to prepare for
hurricane season is to buy flood insurance," said Federal Coordinating
Officer Gary Stanley, the FEMA official in charge of Florida's
Hurricane Irma recovery efforts. "Homeowner's insurance does not
cover losses from flooding, so don't wait, purchase flood insurance
today. A policy typically takes 30 days to go into effect, so when the
next storm is on its way, it could be too late."
According to a recent survey by InsuranceQuotes.com, many
homeowners are in the dark when it comes to what is and isn't covered
in their homeowners insurance policy. Flood and mold damage
are among the most common misconceptions when it comes to
homeowner's insurance. e survey revealed that 35% of Americans
incorrectly believe that a standard homeowner's insurance policy covers
flood damage, and 34% believe it covers mold damage.
ese homeowners may be unaware that flood insurance is a
premium provided through the NFIP, rather than an included feature
in their homeowner's insurance. In general, a homeowner flood
insurance policy covers up to $250,000 in structural damage and up
to $100,000 in content loss. However, some homeowners may not be
aware of what a "flood" actually means.
"Many consumers, when discussing or describing a loss, think that
the words 'flood' and 'water damage' are interchangeable and mean
the same thing," said Mark Carrasquillo, an agent with the New York
City-based brokerage E.G. Bowman Company on InsuranceQuotes.
com. "is is entirely wrong. In the insurance world the terms are very
different."
