The official beginning is June 1 and experts are predicting that it will be an active one
With the start of Atlantic Hurricane Season tomorrow, preparedness experts are reminding consumers who have waited until the last minute about the importance of flood insurance.
FEMA is among those urging property owners to buy coverage
Hurricanes can cause damage from many different issues, ranging from high winds to flooding, but the latter requires additional flood insurance coverage as rising overland waters are not typically covered by a standard home policy.
Many people tend to hold off purchasing coverage out of a fear that the expense will be unaffordable. That said, it isn’t uncommon for property owners to be pleasantly surprised at how reasonable premiums can be for this particular type of policy.
Flood insurance options vary depending on where a person lives
Though there are private options available, many people choose to purchase coverage through the National Flood Insurance Program (NFIP) when it’s available where they live. That particular program is backed by the Federal Emergency Management Agency (FEMA). These plans are often quite affordable, costing as little as a couple hundred dollars per year, depending on the location of the home being covered.
Naturally, areas at a higher risk of flooding will pay more, but it is those very properties that can most benefit from having the coverage in the first place.
The time to inquire is now
Experts are reminding homeowners that the time to contact an agent or insurer is now. The sooner a property owner discovers if flood insurance is the right option for them, the greater their opportunity to benefit from it. The reason is that many policies won’t cover a storm until they have been in effect for a minimum period of time such as 30 days. None will cover a storm that has already been named, so waiting until the threat is imminent means waiting too long.
Acting sooner also allows people to inquire into potential discounts on their premiums, such as by learning whether their local government participates in the Community Rating System at FEMA, which can mean substantial reductions in the amount paid every year.
