Affordable flood insurance now available until Sept. 30
As of July 1, the U.S. Congress has reauthorized and extended the National Flood Insurance Program until Sep. 30, making it possible for many people to purchase affordable flood insurance for their dwellings, says Gloria Nye, extension family economist with the LSU AgCenter.
“This program had run out June 1,” Nye said. “Some people were waiting for its reauthorization to become homeowners.”
Nye says some people mistakenly think because they are not living in a flood zone, they don’t need flood insurance.
“Think again,” she said. “Every home is at risk of flooding. Broken water mains, heavy rains, clogged or inadequate drainage systems – all can happen almost anywhere. And along the Gulf Coast, we get hurricanes. During the last decade, the average flood claim was a whopping $33,000, and most standard homeowner’s insurance does not cover flood damage.”
The NFIP makes affordable flood insurance coverage available for residential and commercial properties, renters and even condo owners, Nye says.
“Don’t count on governmental disaster assistance to make you whole again after a flood event,” Nye said. “If available, flood disaster assistance is usually a loan you will have to pay back with interest. The interest could cost much more than flood insurance.” To help you evaluate your risk of flooding, get a flood insurance premium estimate, locate an insurance agent and find answers to frequently asked questions, go to the NFIP website at www.FloodSmart.gov or call toll-free 1-888-379-9531.