Protect Your Home: Understanding the Importance of Flood Insurance

The Urgency of Flood Insurance

Only 12 percent of Americans have flood insurance, yet many more will need it in a severe weather event. The Insurance Information Institute (I.I.I.) recently partnered with The Weather Channel to raise awareness about the importance of flood insurance. A video posted to The Weather Channel’s Facebook page demonstrates the destructive power of flooding, using the devastation from Hurricane Sandy in Breezy Point, Queens, NY, as an example.

Common Misconceptions About Flood Insurance

One common misconception is that flood insurance is included in a homeowners policy. However, a separate flood policy must be obtained. Flood insurance is mostly sold by FEMA’s National Flood Insurance Program, but some private insurers have begun offering it as well. Sean Kevelighan, I.I.I.’s CEO, highlights the importance of this coverage, stating, “What’s remarkable about flood insurance is that only 12 percent of people have it.”

The Impact of Flood Insurance

For those who have purchased flood insurance, the coverage made a significant difference. One resident of Breezy Point noted, “If we did not have flood insurance, we would have been completely dependent on [government assistance]. It would never have been enough to fix our house.” The video has garnered over a thousand views so far, and it is hoped that it will lead to more people obtaining this invaluable protection.

In light of recent events, it is crucial to understand the importance of flood insurance. According to the National Flood Insurance Program, floods are the most common natural disaster in the United States, causing billions of dollars in damage each year. In contrast, only a small percentage of Americans have flood insurance, leaving many at risk. It is recommended that homeowners and renters consider obtaining flood insurance to protect their properties and financial stability.