Turns out many homes aren’t covered in wake of catastrophic hurricanes

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Here are some facts about flood insurance

From Texas to Florida and then Puerto Rico, this year has seen a barrage of hurricanes that have crippled residents’ properties. The collective damage of these storms will likely exceed $250 billion, according to economists.

Adam Kamins, a senior economist at Moody’s Analytics, suggested to CNN Money that there are hidden costs in Hurricane Maria’s aftermath. But the most surprising detail to come to light is that less than 1 percent of homeowners in Puerto Rico and roughly 15 percent of Corpus Christi residents had flood insurance — many will have to rely on federal loans to rebuild their homes.

It’s obvious that hurricanes can cause flooding, but flooding can occur in other ways like the 2010 New England rainstorm that left Rhode Islanders with waterlogged roads and damaged structures. Natural disasters like this will happen again, and it’s important to understand why flood insurance is worth every penny.

Here are some important facts about flood insurance you may not know:

—Floods are generally not covered in regular homeowners insurance. Longtime homeowners may know this, but new home buyers may not know that flood insurance needs to be added to your package separately.

—Floods happen everywhere, regardless of whether your home is in a low-risk area. The Federal Emergency Management Agency notes that 20 percent of claims occur in areas with low to moderate flood risks. This might explain why Rhode Islanders were so devastated by the 2010 rainstorm.  And it might also explain why thousands of Texans weren’t carrying adequate flood insurance.

—Flood insurance premiums vary by area, but premium averages for Rhode Island and many other New England regions are the highest in the nation due to several factors. An OceanPoint Insurance agent can sit down with you and help you find the best rates available.

—Don’t wait for the weather forecast before buying flood insurance because most insurers have a 14 to 30-day waiting period before it can be implemented.

OceanPoint Insurance is ready to assist you in developing a customized insurance package that meets your needs. By ensuring that you are completely covered in the event of a catastrophic loss like the ones we’ve recently witnessed, you can rest assured knowing that your family is protected.

To find out more about flood insurance, give us a call at 401-847-5200, or send us an email at info@oceanpointins.com.