The vast majority of homeowners don’t have coverage against the most expensive type of natural disaster.
West Virginia flood insurance has yet to become commonplace in that market. That is problematic when taking into account the fact that flooding is the fastest growing form of natural disaster. Moreover, it is also the most costly form of natural disaster in the state.
In the majority of West Virginia counties, not even one percent of households have this insurance coverage.
Not even a month after deadly flooding struck a great deal of the state’s southern portion, many homeowners are seeking FEMA’s assistance. The homeowners affected by flooding want the Federal Emergency Management Agency to assess their damage and offer recovery funds.
These are individuals and families who do not have West Virginia flood insurance coverage and who need help. The flooding in many regions was absolutely devastating. There are residents who have been in their homes for decades and who had never seen the Potomac River rise as it did.
This has been an eye opener for many who had previously not seen the value of West Virginia flood insurance.
Homeowners who were victims of the flooding and those who merely watched it in news reports are now considering flood insurance. Within that state, the coverage has traditionally been viewed as being too expensive. It is also seen as not having enough potential benefit to be worth the hassle.
Moreover, despite the fact that many banks actually require their mortgage customers to carry flood insurance on their houses, this is not well enforced. Those living in floodplains and who have federally-backed mortgages are supposed to consider the coverage mandatory. Therefore, many who technically should have flood coverage as a part of their mortgage homeowners insurance regulations, don’t.
Those who do not have West Virginia flood insurance are entitled to apply to FEMA in order to obtain assistance. Help can be offered in the form of small aid, or a loan with a low interest rate. That said, this coverage is not easy to obtain in the first place. Many homeowners insurance companies don’t even offer it simply because it is very expensive to provide. Premiums may be high, but so are the costs of claims.