The thread was inspired by my flood insurance coming due. Everybody should have flood insurance.
Told ya so...
____________
Many Affected by Sandy Lacked Flood Coverage .
By ALAN ZIBEL And ROB BARRY
Only a fraction of homeowners in some parts of the Northeast who incurred property damage from Sandy have insurance that covers losses from floods, a Wall Street Journal analysis finds.
Across the region, there are large disparities in the number of homeowners who have bought coverage under the government's National Flood Insurance Program, according to the analysis of data from the Federal Emergency Management Agency, which runs the program.
Buying that coverage is crucial because standard homeowners policies don't cover floods. After last year's Hurricane Irene, many people were shocked to find this out. Now thousands of people across the Northeast are scrambling to figure out what is�and isn't�covered by insurance policies.
In Ocean City, Md., a seaside town chock full of beachfront houses and condominiums, for example, 90% of housing units had coverage as of the end of August.
But in New York City, where the threat of flooding hasn't been as obvious a threat, only 1% of housing units had the coverage. In Moonachie, N.J., which was devastated by the storm, only 21% were insured, the analysis found. That is lower than in some other cities in New Jersey�33% in Hoboken, 41% in Atlantic City, 47% in Seaside Heights and 66% in Cape May.
Cities in Connecticut also have relatively low percentages of housing covered by the federal flood insurance program: 6% in Norwalk, 12% in Fairfield and 13% in Westport.
Despite advertising campaigns by the federal program, many people aren't aware they need the flood-coverage policies until it is too late. And since there is a 30-day waiting period for policies to go into effect, new policies would not retroactively cover damage from Sandy.
Policies can be purchased from local insurance agents and are administered by insurance companies but paid for by the Federal Emergency Management Agency.
The price tag for the flood program, on average, is about $585 per property annually, although the cost can be much higher in riskier areas. Lenders mandate the coverage for properties in areas that are deemed at high risk of flooding, but the policies are available nationwide, and about 5.6 million homeowners and businesses participate.
_________________________
"Shoot the delicious looking one." My daughter (age 5).
