Hurricane Ian is a reminder for all homeowners to check their insurance for coverage of natural disasters
Hurricane Ian is a reminder for all homeowners to check their insurance for coverage of natural disasters
Abstract
If you're a homeowner, whether you live in an area prone to hurricanes, tornadoes, flooding, hail, wildfires or severe storms - all of which seem to be becoming more prevalent amid a warming climate - it's important to know which types of weather-related damage your homeowners insurance covers, excludes or charges a separate, and likely higher, deductible for. Flooding has become an increasing risk for homeowners as sea levels rise and storms grow larger. Just 15% of homeowners are insured to protect against flood damage. In Florida, more than 80% of homeowners do not have flood insurance, Friedlander said. "With catastrophic flooding from Ian occurring across the state, many homeowners will not have financial protection from these losses," he said. 1 in 4 flood claims come from homeowners outside of those areas, according to FEMA. You can get coverage either through a private insurer or through the federal program, which is how most homeowners get a policy. FEMA recently implemented Risk Rating 2.0, an actuarially sound approach to better assess individual flood risk, which has caused premiums to rise for some homeowners and fall for others.