Why Should I Worry about Floods?
Since hurricane season begins June 1, many insurance professionals start thinking about flood insurance in May or even earlier. Hurricanes are known for causing widespread and historic flooding and damage along the coasts and even in some inland areas. Since 1980, hurricanes have caused $1.5 trillion in damages, with an average cost of $23 billion per event. Recovery after an event may take several months or even years.
The National Flood Insurance Program (NFIP) policies come with a 30-day waiting period before coverage is effective, so if you’re in an area susceptible to hurricanes, you want to have coverage in place early. FEMA provides maps of most properties that are readily available online. But if you don’t live near the beach or a river, why should you pay attention to floods and insurance?
Christine G. Barlow, CPCU
Christine G. Barlow, CPCU, is Executive Editor of FC&S Expert Coverage Interpretation, a division of National Underwriter Company and ALM. Christine has over thirty years’ experience in the insurance industry, beginning as a claims adjuster then working as an underwriter and underwriting supervisor handling personal lines. Christine regularly presents and moderates webinars on a variety of topics and is an experienced presenter.