As surging flood waters inundated the Midwest–causing damage that for the most part is not covered by private insurers–the Insurance Information Institute announced a study showing that only 17 percent of Americans have a federal flood insurance policy.
Indeed, Property Claim Services–which catalogs insured losses from catastrophes–expects covered damage from the flooding “will be small in number, since most of the affected properties are not insured for this peril,” noted Gary Kerney, assistant vice president of PCS.
Despite that fact, the Property Casualty Insurers Association of America announced last week that insurers have implemented a 60-day moratorium on cancellation and nonrenewal of p-c insurance policies for people living in flood-affected Midwest counties.
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