Flood Insurance Increasingly Important - Keating Agency Insurance

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Flood insuranceNew Orleans made improvements to its levees following Hurricane Katrina.  However, Barry still managed to cause significant flooding throughout the city.

How many of the city’s residents and businesses had Flood Insurance is unknown.

From flooding in the Midwest to increasingly damaging tropical storms, having this government-backed policy is becoming a necessity.

Connecticut has experienced some pretty heavy storms this summer.  If one of these sudden thunder bursts resulted in flood damage to your home or property, are you protected?

Flood Insurance Payouts Dramatically Increase

Scientific American reports that the National Flood Insurance Program average payout in 2017 was more than $100,000 for the first time in history.  The article also notes that the program is running deficits.

Part of this is because more people than ever recognize the importance of having this protection.  Also, rising sea levels make floods more frequent and payments more expensive.

Congress currently is exploring ways to shore up the program.  It also is looking for ways to help communities reduce flood risks.

flood insuranceFor those without Flood Insurance, CNBC notes that individuals impacted by flooding have few options.  Traditional Homeowners Insurance policies don’t cover flood damage from external sources.

In cases of severe storms, especially those designated a disaster by the President, Federal Emergency Management and the Small Business Administration loans may be available.  However, these programs are not intended to return people and communities to where they started.  They also aren’t “no-strings-attached.”

Events must be a disaster, and loans must be repaid.  Additionally, loans and grants don’t extend to vacation properties.

The Keating Agency helps our clients determine what coverage is needed to protect their property.  We can also help you determine if the federal flood insurance program is right for you.  In recent years, some private companies have begun offering flood coverage.  We want to help you find the right coverage to protect your home, business, and family from disaster expenses.

As your local, independent insurance agency for 50 years, the Keating Agency looks out for your best interests.  Give us a call so we can help you protect what’s important to you.