FEMA official: July flooding highlights need for insurance
Few claims have been filed seeking compensation for flood damage, even though the National Flood Insurance Program covers 478 policyholders in
"If you're in a special hazard flood area, over the life of a 30-year mortgage there's a 26 percent chance of [that property] flooding," said
Even though
To participate in the flood insurance program, local governments must enact measures that restrict construction in flood-prone ares. In
A look at the
"If you're buying a house, find out where the flood plain is and what the local water sources are," he said.
The history of flooding in a particular neighborhood also is worth researching, particularly in places where a flash flood can materialize quickly but the source of water is not obviously apparent.
The cost to homeowners for flood insurance varies according to the property location. Maximum coverage for a low-risk property will run about
Maximum coverage for a residential property is
In some cases, flood insurance is required of homeowners, particularly those whose homes are in a special flood hazard zone and whose mortgages are insured by the federal government.
The claims against flood insurance that come in the wake of a storm such as Hurricane Florence, which pounded
Property owners may obtain national flood insurance through commercial insurance brokers, just as they can other forms of coverage.
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