Worries over El Nino lead to an increase in the acquisition of flood insurance coverage
Homeowners in California are beginning to show worry over the coming of El Nino. This year, El Nino is expected to be much stronger than it has ever been, which may place many homeowners in serious danger of having their properties damaged. Much of this damage is likely to come from flooding, which has lead more homeowners to purchase flood insurance coverage. According to the Federal Emergency Management Agency (FEMA), there has been an influx of consumers acquiring flood protection.
FEMA has reported a major increase in the number of flood insurance policies being sold
FEMA manages the National Flood Insurance Program, which is typically the only place for homeowners in the United States to find flood coverage. Homeowners insurance policies do not protect against flood damage, something that more consumers are becoming aware of as state agencies highlight the issue. Without flood protection, those facing flood damage may be exposed to significant financial risks. With the full power of El Nino coming, homeowners are being encouraged to purchase flood insurance before powerful storms hit California.
28,084 flood policies have been purchased in California since August 31, 2015
According to FEMA, some 28,084 flood insurance policies have been purchased in California since August 31, 2015. Consumers are taking the advice that the state has offered to heart, acquiring the protection they need against floods. Notably, however, the National Flood Insurance Program has fought to overcome major financial problems in recent years, which has inhibited its ability to adequately serve homeowners that have fallen prey to significant flood damage.
El Nino may bring record breaking rainfall to California this year
This year’s El Nino pattern is expected to be much stronger than any other pattern previously recorded. FEMA predicts that El Nino will bring record rainfall to California, which may be good news in regards to the state’s ongoing and disastrous drought. In terms of flooding, however, there are major risks that El Nino represents. FEMA wants to see more homeowners purchase the flood insurance coverage they need to protect their properties.