The historic August storm and subsequent flooding in 海角换妻 caused an to about 2,000 homes and businesses. Such extensive property damage has unsurprisingly led to a flurry of insurance claims. But there have been reports of a significant number of those .
George Bradner, assistant deputy commissioner for property and casualty at the said inquiries to his office have revealed a troubling, familiar pattern.
鈥淲e've spent years trying to inform consumers that flood insurance is not a coverage under your standard homeowner鈥檚 policy,鈥� Bradner said. 鈥淵ou should seriously consider getting flood insurance.鈥�
Homeowners not buying flood insurance
Bradner said the mistaken belief that their homeowner鈥檚 insurance policies cover flood damage is not the only reason people forego flood insurance.
鈥淥ne of the things we continue to hear is 'I've never flooded. I'm not in a flood plain. So why do I need flood insurance?鈥�" Bradner said.
But Bradner says about a quarter of flood losses happen outside of flood zones designated by the Federal Emergency Management Agency.
鈥淚f it rains where you live, you can be prone to flooding,鈥� Bradner said.
How expensive is flood insurance?
the average cost of flood insurance per year is $819. But Bradner cautioned that cost for flood insurance can vary widely.
鈥淔EMA has been on a mission to try and make rates really be more reflective of what the risk and the exposure is. It's not as heavily subsidized as it used to be,鈥� Bradner said. 鈥淪o people that are in high risk areas are going to be paying more. But as I said, if you're not, that rate probably could be a few $100. It's worth getting a quote.鈥�
And, while Bradner said not living in a flood zone is no reason not to buy flood insurance, it is a reason why you might get a better deal.
鈥淵ou should consider your insurance is going to be cheaper because you're not in a FEMA-designated flood plain,鈥� Bradner said.
Where to find a flood insurance policy?
Traditionally, private insurance companies have not been places to find flood insurance.
鈥淭hat's why there's the NFIP (National Flood Insurance Program) and FEMA, the ,鈥� Bradner said. 鈥淧rivate insurers are not 鈥� generally not 鈥� interested in providing flood coverage.鈥�
However, there has recently been a modest rise in private insurers offering flood insurance. In 2023, an analysis of data from the National Association of Insurance Commissioners found net premiums written for private flood insurance
FEMA also offers to connect with all flood insurance providers.
What to do after you鈥檝e been denied
is a state agency tasked with helping consumers in insurance matters. Bradner said his office has been advising home or business owners in hard hit 海角换妻 towns like Southbury and Oxford who鈥檝e had insurance claims denied. He said that there may be three potential options still available to them:
1. Make sure to file claims for non-flood specific damage
鈥淚f there is a possibility a tree fell on the house because of the storm, and there could be a claim to the homeowner policy, I would encourage those insurers to contact the insurance department and we'll investigate it and try to see if there is any coverage for that individual,鈥� Bradner said.
2. Non-flood specific federal assistance could be coming
鈥淲e're pulling together information right now to see if we can get an individual assistance declaration from the federal government for 海角换妻,鈥� he said.
That declaration could help homeowners receive up to about $45,000, according to Bradner.
鈥淪o you need to keep track of your damages and the losses that you've had and make sure you work with your community local disaster teams in getting that information to them.鈥�
3. Get an Small Business Administration loan
鈥淰ery low interest, could be made available to homeowners to help them make the necessary repairs,鈥� Bradner said.
