A recent Property Casualty 360 article shows Florida as the state with the highest toal amount of NFIP claim payouts.
According to the article:
“Floods, big or small, can have devastating effects on communities, homes and families. In 2014, major flooding resulted in more than $351 million in claim payouts through the National Flood Insurance Program (NFIP). The average 2014 NFIP claim was $29,033, according to Insurance Information Insitute (I.I.I.) data gathered from the U.S. Department of Homeland Security (DHS) and the Federal Emergency Management Agency (FEMA) .
Congress created the NFIP in 1968 in response to the rising cost of taxpayer-funded disaster relief for flood victims and the increasing amount of damage caused by floods. The NFIP makes federally backed flood insurance available in communities that agree to adopt and enforce floodplain management ordinances to reduce future flood damage.
The NFIP provides coverage for up to $250,000 for the structure of the home and up to $100,000 for personal possessions. NFIP earned premiums rose slightly to $3.56 billion in 2014 from $3.51 billion in 2013.
Using data from DHS and FEMA, I.I.I. found the following 10 U.S. states had the highest total amount of NFIP claim payouts from Oct. 1, 2013, through Sept. 30, 2014.”
Florida had the highest payout.
Don’t Wait Until It’s Too Late
Your Homeowner’s Insurance Does NOT Cover Flood.
If you think you only need flood insurance if you are at the beach or in a flood zone, keep these statistics in mind:
- Just an inch of water can cause costly damage to your property.
- A car can easily be carried away by just two feet of floodwater.
- In many cases, it takes 30 days after the purchase for a policy to take effect, so it’s important to buy insurance before flood waters start to rise.
- Your home has a 26% chance of being damaged by a flood during the course of a 30-year mortgage, compared to a 9% chance of fire.
Contact us today to discuss Flood Insurance and other valuable coverages for your family or business.