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By Clarence William Page
High Point, NC - - (October 19, 2018) - - I have had many careers (including those of Property and Casualty Insurance Agent; Property and Casualty Insurance Agents Manager; Property and Casualty Insurance Instructor; Property and Casualty Insurance Broker; and Property and Casualty Insurance Brokerage Firm CEO and Chairman of the Board). I am no longer licensed to practice in the insurance industry and thus do not seek to give any advice that requires licensure.
Here is how I decide whether or not I need flood insurance:
1. I closely examine the area in which I live. If it is low-lying or located near a body of water I buy flood insurance (whether or not I am in a designated flood zone).
2. I inquire of the local municipalities concerning the potential for flooding (sometimes they are helpful, sometimes they are not [they sometimes refuse to answer questions about the risks involved]).
3. When in doubt I purchase flood insurance.
The Federal Emergency Management Agency (FEMA) and its National Flood Insurance Program make the following observations (among others):
- Floods are the nation's most common natural disaster
- Homeowners and renters insurance does not typically cover flood damage.
- More than 20 percent of flood claims come from properties outside high-risk flood zones.
- Flood insurance can pay regardless of whether or not there is a Presidential Disaster Declaration.
- Disaster assistance comes in two forms: a U.S. Small Business Administration loan, which must be paid back with interest, or a FEMA disaster grant, which is about $5,000 on average per household. By comparison, the average flood insurance claim is nearly $30,000 and does not have to be repaid.
FEMA and the National Flood Insurance Program go on to say that "It’s easy to see that having flood insurance provides important recovery help".
More information on the National Flood Insurance Program may be found at https://www.floodsmart.gov
Note: On October 13, 2018 the Federal Emergency Management Agency (FEMA) published the following information:
"Thousands of survivors whose homes were damaged by Hurricane Florence were also affected by Hurricane Matthew two years ago. Many homes were still being repaired when Florence struck. Survivors residing in Special Flood Hazard Areas who received real property and/or personal property assistance after Matthew were automatically enrolled in a 36-month Group Flood Insurance Policy but may not be aware they have coverage through 2019."
Credit: Federal Emergency Management Agency
Author: Clarence William Page operates this site and does the reporting and webmastering work pertaining thereto
