The vast majority of homeowners around the country don't have enough flood insurance, according to a report by ValuePenguin.com. However, the financial website found that Florida has the second highest percentage of residents with flood coverage in the nation.

The report found that 75% of American adults believe that hurricanes, heavy rainstorms and other severe weather events are increasing and over 40% have personally experienced weather-related damage to their properties. Meanwhile, even though 91% of American homeowners carry property insurance, only 7% carry flood insurance policies. The report also found that the percentage of property owners carrying flood insurance varied significantly by state. For example, Louisiana and Florida lead the nation in coverage, with 44% and 36% of residents carrying flood insurance, respectively. Hawaii, South Carolina and New Jersey residents are next, with 23%, 16% and 11% of residents carrying flood insurance, respectively. Meanwhile, Minnesota and Utah are tied for the lowest percentage of homeowners with flood insurance, with just 0.6% of residents carrying policies. Michigan, Wisconsin and Ohio also have low rates, with 0.8%, 0.8% and 1.1% carrying insurance, respectively.

Statistics show that the average cost of a National Flood Insurance Program policy is $699 per year. Connecticut is the most expensive state for flood insurance, followed by Rhode Island, Vermont, Massachusetts, and Pennsylvania. Those states have premiums that are up to 100% higher than the national average. The states with the cheapest flood insurance rates are Texas, Maryland, and Florida, with premiums between 17% and 21% below the national average.

Insurance companies sometimes deny flood coverage even when homeowners have purchased a policy. When this happens, it may be helpful to speak to an attorney familiar with homeowners' insurance claims. The attorney could review the case and work to get the settlement the homeowner needs.

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