'If it rains where you live you should consider flood insurance.” If Hurricane Ida has you thinking about flood insurance for the first time, you're not alone. Here's what you need to know:
As the remnants of Hurricane Ida wreak havoc across the Northeast, it’s yet another reminder of the need for adequate homeowner’s insurance — but many homeowners could be in for a rude awakening about what their policy actually covers.
Other research suggests that only 10% of the flood risk nationwide is insured by the National Flood Insurance Program, with communities of color and lower-income households less likely to have the vital financial protection.What a standard home insurance does — and does NOT — cover Some natural disasters are commonly covered by a standard homeowner’s insurance policy, including wildfires and hail storms.
“We like to say if it rains where you live you should consider flood insurance,” said Scott Holeman, media relations director at the Insurance Information Institute, an industry trade group. A hurricane deductible goes into effect once a hurricane or tropical storm is named by the National Weather Service or the National Hurricane Center. At that time, insurers typically institute moratoriums to prevent people from purchasing new policies until after the storm has passed and dissipated.
That can leave homeowners high and dry — and without insurance. Still there are options for homeowners having trouble finding a provider who will serve their area. Plan in advance so claims are successful If you already have the insurance policies you need, you’re not necessarily out of the woods. It’s important to take the right steps to be able to file a claim successfully and quickly if disaster ever does strike.
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