FEMA: Get flood insurance now for the 2008 hurricane season

WASHINGTON – April 30, 2008 – Recommend flood insurance to your new homebuyers, and do it tomorrow. It takes 30 days for a new policy to become effective, and signing up on May 1 would make their coverage effective on June 1 for the start of Florida’s hurricane season.

Flood insurance helps protect against the devastating effects of flooding, but the time to act is now; there is typically a 30-day wait before a policy takes effect. Most homeowners insurance policies do not cover damage caused by rising flood waters.

Last hurricane season alone, two storms caused a total of more than $75 million in flood damage. However, many people across the U.S. still lack adequate protection from flood damage, causing them to absorb financial losses on their own or seek limited funding from other sources to rebuild or repair in the wake of a storm.

“Natural disasters are unpredictable and we should not let the past two hurricane seasons, which have been relatively quiet, give us a false sense of security. Flooding and hurricanes go hand in hand, and now is the time to make sure you are properly protected,” says David Maurstad, the Federal Emergency Management Agency’s (FEMA) Assistant Administrator of Mitigation and Federal Insurance Administrator.

The largest amounts of rainfall from hurricanes are often produced by slow moving storms that stall out miles from a shoreline. As these storms move inland, high winds and torrential rains increase the likelihood of flooding.

Flood insurance is available through nearly 90 insurance companies in more than 20,400 participating communities nationwide. Everyone can purchase flood insurance – renters, business owners and homeowners. Flood insurance is also affordable. The average flood insurance policy is around $500 a year. And in low- to moderate-risk areas, homeowners can protect their properties with low-cost Preferred Risk Policies (PRPs) that start at less than $120 a year.

Individuals can learn more about their flood risk by visiting www.FloodSmart.gov or calling (800) 427-2419.

© 2008 FLORIDA ASSOCIATION OF REALTORS®

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