Do I have flood insurance?
Chances are, you don't. Homeowners insurance does not cover flooding. But residents can purchase separate policies that do.
According to the U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA), floods have caused more than $7 billion in losses in the United States in the last 10 years. Damage from flooding – the number one natural disaster in the nation – almost always is not covered by homeowners insurance. Only flood insurance holders are protected against flood recovery expenses.
Even homes that aren’t in a flood plain can be at risk for flash floods or damage due to heavy rains. One in four flood loss claims is filed in lower risk zones.
Flood insurance, administered through FEMA’s National Flood Insurance Program (NFIP), can be purchased through local insurance agents. It’s easy to get, since it is carried by 100 private insurance companies and 20,000 independent insurance agents nationwide.
Residents can call 1-800-427-4219 or go online to www.FloodSmart.gov to estimate flood risks or insurance premiums for their neighborhoods, or contact the nearest insurance agent carrying flood insurance.
The premium for an NFIP policy averages around $400 a year. Some homes and businesses in low or moderate-risk areas are eligible for lower cost "preferred risk" flood insurance policies that could be as little as $112 a year.
"It is not a good idea to wait until a flood is coming to purchase a policy, since it takes 30 days for the policy to take effect," said Jim Ryan, Volusia County Emergency Management director. "Residents who already have flood insurance should make sure their policies are current, since policies must be renewed each year."
Homeowners with flood insurance can be compensated for all covered losses. After a natural disaster, the primary option for those without the additional coverage is to apply for a federal disaster assistance loan that must be repaid in full with interest.
Other ways FEMA and Volusia County suggest to prepare for flooding are to:
Plan an evacuation route with your family. Evacuation routes are on Volusia County Government’s disaster preparedness guide online at www.volusia.org/storm.
Prepare a kit of emergency items to take during evacuations, which also can be found online at www.volusia.org/storm.
Designate an out-of-state relative to be the family contact in case the family is separated during a flood.
Store important documents, photos and irreplaceable personal possessions where they won’t get damaged.
Take photos or videos of important possessions.
Visit www.FloodSmart.gov to learn how to lower risks of sewage backup, electrical problems and other flood-related problems.
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