Did you know that Tropical Storms with female names are not taken as seriously? We still don’t know why, but people don’t seem to feel as threatened by a female names tropical storm and Florence is one Tropical storm you don’t want to take lightly. Hurricane Florence is estimated to cause over $170 billion dollars of damage and affect nearly 1 million people (759,000 is the current estimate). Compare this to Hurricane Sandy whose damage was only $65 billion in damage and was the deadliest to hit the U.S.
Florence is set to hit the Carolina coastline with winds of up to 140 mph. However, analysts say that a lot of the damage will come from the flooding that will move inland for miles. Even if you are not in the line of the wind damage, you may not have the correct property insurance to protect your home. Check NOW to ensure your homeowners insurance covers flood damage. The majority of policies do not actually cover flooding. Unfortunately, the waiting period is 30 days to add flood to your policy, so it may be too late to add it, however, it doesn’t hurt to go ahead and add it if you live anywhere near the east coast or within reach of a Hurricane’s usual route.
The Price of Flood Insurance:
Flood insurance can vary in price depending on when and where you buy. The higher your risk of flooding, the higher your cost. According to FEMA the majority of claims filed for flood insurance are in areas that are from properties that are not actually in high-risk flood zones.
Not only do you need flood insurance, but you have to be aware of what kind of flood insurance you need to buy. There are two kinds. One to protect the building (your home, furnace, hot water heater) and one to protect your home’s contents (possessions, appliances, washer/dryer).
Ensure your home is not required to have insurance. Homes within the FEMA high-risk area you must maintain flood insurance to be eligible for future federal disaster aid.
It may feel too late to purchase it if you don’t already have it, but it is never to late to plan ahead, even if you aren’t in a declared “disaster area.” You never know when your next disaster will strike and even an inch of water can cause serious damage to your home. Get flood insurance now.