Homeowners Reminded to Consider Flood Insurance
8/13/2010
Industry experts are reminding home insurance customers to consider getting flood insurance protection in light of the Atlantic hurricane season and also because of developments, or the lack thereof, in Congress.
The National Oceanic and Atmospheric Administration made news earlier this year by predicting that the current Atlantic hurricane season would be unusually busy. That alone is a good reason for millions of home insurance customers to consider flood insurance protection, which is generally not offered under standard policies.
However, politics is also playing a part in the current focus on flood insurance. The insurance industry has been closely watching Congress to see when and if it will renew the National Flood Insurance Program.
According to the Insurance Information Institute (III), the program will not be authorized to issue new residential and commercial policies after September 30 unless Congress takes action to renew the program. Perhaps more significantly, the III added that hurricane season will last for two months after the flood insurance program lapses, if it is allowed to do so.
Another concern cited by the III was the fact that only about 10 percent of homeowners currently have flood insurance, which stems in part from misunderstandings about whether their current home insurance policies actually cover such events.
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