In a recent press release, FEMA urged residents of Louisiana to buy or renew their flood insurance policies. The rationale for this advice is attributed to the fact that these policies can offer protection even when it’s not hurricane season. Flooding can occur at any time, especially if there is an out-of-season storm. And, it is better to be prepared for the risk.
The organisation revealed that since Hurricane Laura and Hurricane Delta, more than 2,800 National Flood Insurance Program (NFIP) claims were filed. This resulted in over $30.7 million being paid to policyholders with an average claim of $47,000.
Past flooding events have shown that flooding can happen to anyone. And, it does not only impact those who live near water. Based on records, in the last five years 30% of flood insurance claims in Louisiana were received from policyholders in low-to-moderate flooding risk areas.
Flood insurance policies are deemed to be very valuable in times of need because they help homeowners to recover. These types of policies provide relief, especially when there is no disaster assistance available. Not all floods are declared as federal disasters, and thus, will not attract disaster funding.
Flood Insurance Policies
Policies usually take effect 30 days after purchase, so the sooner you can renew or purchase a policy, the better it is. FEMA outlined the following policies that are available:
- Homeowners: Coverage of up to $250,000 for the structure and up to $100,000 for contents
- Non-Residential Property Owners: Coverage of up to $500,000 for the structure and up to $500,000 for contents
- Renters: Coverage of up to $100,000 for contents
If you are interested in purchasing a new policy or renewing an existing policy contact your insurance company or an agent of FEMA’s National Flood Insurance Program.
Source: Flood Insurance Protects You All Year, Not Only During Hurricane Season (FEMA, Release NR003)