By Emily Miller
Throughout the past decade, tropical storms have been wreaking havoc all across the East Coast of the United States, which has resulted in loss of lives, damaged property and has drastically altered current landscape.
For example, in 2013 the National Weather Service issued 332 flash floods and flood watches/warning for the state of Alabama. The state also reported one tropical storm in the Gulf Coast. More severe weather came this spring with tornadoes and more than two feet of rain.
Flood insurance is important regardless of your flood zone.
In fact, people outside high-risk areas file more than 25 percent of flood claims nationwide. From 2003 to 2013 the National Flood Insurance Program filed an average of $4 billion in flood claims per year nationwide.
“Many of the homes and businesses flooded in the recent historic rain events were not in a flood zone,” said Art Faulkner, Alabama Emergency Management Director in a press release. “For the best protection, a flood policy available through the National Flood Insurance Program is a wise investment.”
For more information regarding the National Flood Insurance Program click here.
“Flood insurance will not keep rising water out of your home or business, but it will protect the investment you have in them,” said Faulkner.
In Alabama, a state that is highly susceptible to the ravages of flooding, only 57,000 of the estimated 1.8 million households have flood insurance. FEMA’s Federal Coordinating Officer who is in charge of Alabama’s disaster recovery, Joe M Girot, revealed this important information.
“Here are two important points people needs to understand,” said Girot. “First, homeowner insurance policies do not cover flooding. Second, flood insurance policyholders can file a claim even if a storm doesn’t trigger a federal disaster declaration.”
Flood insurance is available to homeowners, business owners and renters in communities that participate in the National Flood Insurance Program and enforce their local flood damage prevention ordinances,” said Girot.
If you live in a floodplain or Special Flood Hazard Area, you must buy flood insurance if you have a mortgage from a federally regulated lender. More information regarding this program can be found at FloodSmart.gov.
Flood insurance, with an average premium running about 600 dollars per year, can save homeowners thousands of dollars in repairs. Just three inches of floodwater in a home will require replacing drywall, baseboards, carpets, furniture and other necessary repairs that can cost an estimated $7,700, according to the National Flood Insurance Program.
The deeper the floodwater, the more it will cost – 18 inches of water means repairs to the electrical system and the heating and cooling system. It also means replacement for doors, appliances and cabinetry, adding another $26,000 to the bill.
Homeowners can insure their homes for up to $250,000 and contents for up to $100,000. Renters can cover their belongings for up to $100,000. Nonresidential property owners can insure a building and its contents for up to $500,000 each.
There is normally a 30-day waiting period when purchasing a new policy. Flood insurance is sold through private companies and agents, which are backed by the federal government.
