Maine insurance regulators urging consumers to purchase flood insurance before the stormy season begins

Flood InsuranceThe Maine Floodplain Management Program, a state-run initiative that works in tandem with the National Flood Insurance Program, is urging state residents to purchase flood insurance before the stormy season gains momentum. According to state regulators, floods in Maine are often the result of coastal storms that happen near the beginning of spring and during the hurricane season later in the year. Regulators note that while flood insurance is often very affordable, few consumers have policies because they do not think that such disasters will happen to them.

March and April have long been flood-prone months for Maine. The state experiences the majority of its floods during this time, some of which have been known to cause extensive damage to homes and businesses. As such, the Floodplain Management Program is insisting that consumers purchase flood insurance protection before floods become a significant threat. Regulators are saying that now is the time because all flood plans have a 30-day wait period before they become active.

Encouraging flood insurance has been a recurring theme in states prone to flooding and other kind of natural disasters. This kind of insurance typically adds an additional $800 to annual insurance premiums for homeowners, which is a marginal cost when compared to other types of insurance protection. Maine regulators say that policies can be found through the National Flood Insurance Program that will be suitable to the needs of each consumer.

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