The current crisis, together with the sudden increase in the number of natural disasters in some regions is urging homeowners and insurance agents to give extra attention to flood insurance. As coverage for some specific disasters – particularly flooding – are generally not included in standard owner insurance policies, many homeowners are having to face the dreadful reality of losing it all, when they believe to be properly protected.
Mississippi is certainly one of the most affected areas, and specialists claim that the Flood Safety Awareness Week that happens in the state in March it's a good opportunity for homeowners to consider complementing the coverage of their owner insurance plans with flood coverage. They say that being aware of flood risks it's the most essential weapon against flooding a community can have.
Recent tragedies involving flooding showed that even small amounts of water can cause incalculable damages and thousands of dollars in insurance claims. However, it also served to make more people aware of the importance of flood insurance and also of the fact that standard owner insurance policies does not include coverage for flooding.
Specialists also say that the impact that such necessity for flood insurance is having on the market cannot be ignored. Only in the Mississippi region there are currently over 75.000 flood insurance policies in force, with the average policy premium of around $500 a year. In other areas, considered of low to moderate risk, there are policies with prices starting at $112 a year.
Specialists also draw attention to the fact that over 90% of all natural disasters happened in the country involve flooding.