With lessons
learned from 2004’s devastating hurricane season and another
hurricane season approaching rapidly, it’s time to think seriously
about flood insurance.
“Many people
believe their homes are protected against flooding because they have
homeowners insurance,” said Gary Cook, a civil engineer with Volusia
County’s Water and Resource Utilities Division. “They’re wrong.
Homeowners insurance doesn’t cover floods. Only flood insurance
covers flood damage.”
Flood
insurance is available through the National Flood Insurance Program
(NFIP) for homes, condominiums, apartments and commercial
structures. According to NFIP’s web site, the average premium is
$400, but flood insurance can be purchased for as little as $112 a
year if you live in a low-risk area.
NFIP paid
Florida policy holders more than $810 million to recover from flood
damage in 2004. In Volusia County alone, 1,106 claims totaling $14.3
million were paid that year, following hurricanes Charley, Frances,
Ivan and Jeanne.
To determine
your risk for flooding, go to
www.floodsmart.gov. But remember that you’re not off the hook if
you live in a low-risk area.
“Many people
think the Federal Emergency Management Agency (FEMA) will bail
them out if their house floods and they don’t have flood insurance,”
said Larry LaHue, plans coordinator for Volusia County Emergency
Management. “Not so. They will be referred to the Small Business
Administration for a loan. If they qualify, the payments on a
$50,000 loan will cost around $400 a month.”
How do you
know if you live in a flood-prone area? “Take out your drivers
license, and if it says ‘Florida’ on it, you live in a flood-prone
area,” LaHue quipped.
Said Cook: “Even homes
that aren’t in a flood plain can be at risk for flash floods or
damage due to heavy rains,” noting that about 25 percent
of flood-loss claims come from low-risk areas.
Don’t wait for
a hurricane to purchase flood insurance, LaHue cautions. “It takes
30 days after purchase for a flood insurance policy to take effect,”
he said. “Also, if a hurricane is within 500 miles of Florida, flood
insurance policies will not be written. So the time to get flood
coverage is now, before the hurricane season starts.”
For more
information about the National Flood Insurance Program, contact your
insurance agent or call (800) 427-4661.
