Flood insurance gets a boost after Irene
With Hurricane Isaac on a rampage, attention is being drawn to flood insurance. In the past two years, damage caused by powerful storms has been punctuated by the sheer lack of flood insurance coverage. For the uninsured, the damage caused by flood presents a financial burden that consumers will have to bear alone. Those that have suffered loss as a result of flooding seem to be taking the matter seriously and are finally heeding the call to obtain comprehensive flood insurance coverage, according to FEMA.
FEMA shows that more than 26,000 new flood insurance policies purchased since last year
FEMA notes that in the year following Tropical Storm Irene, thousands of New Jersey residents have clamored for flood insurance protection. These consumers, many of whom were victims of Irene, have purchased flood insurance policies in order to protect themselves from future disasters. According to FEMA, the majority of these consumers already had homeowner’s insurance, but found that their policies did not cover flood damage. FEMA notes that since last August, more than 26,000 homeowners have purchased new flood insurance policies.
Homeowners begin to heed the call for insurance coverage
Homeowners have been encouraged to purchase flood insurance protection for years in states that are prone to natural disasters. Officials from Florida, Louisiana, Mississippi, New York, and others have been highlighting the necessity of flood insurance policies for consumers. Until recently, this encouragement has gone unheeded, with many consumers assuming that their homeowner’s insurance policies will cover the damage of a storm when, in fact, most of these policies offer no such protection.
New Jersey may be prepared for future disasters
Though Hurricane Isaac is not expected to reach as far north as New Jersey, the state’s residents may be better prepared to face any future disasters thanks to their new flood insurance policies. New Jersey officials have been working to improve these policies as well after having received more than 495 complaints concerning the actions of some of the state’s insurance companies. Though the majority of these complaints were dismissed as invalid, state officials still took the matter seriously and have worked to ensure that insurance companies provide adequate service to consumers.