In the wake of Hurricane Katrina, few consumers continue to buy flood insurance for their homes, and those who purchased new or excess limit policies were affluent and better educated, according to a survey.
The poll of homeowners, commissioned by Warren, N.J.-based Chubb Group of Insurance Companies, found that only 14 percent of Americans say they have purchased flood insurance for their primary residence.
Princeton, N.J.-based Opinion Research Corporation conducted the survey, contacting 700 homeowners nationally. Of the 101 homeowners who said they have flood insurance, eight said they purchased it following Hurricanes Katrina, Rita and Wilma. The 8 percent were described as affluent, college graduates.
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