FEMA urges homeowners to check flood coverage after some dropped policies
HOUSTON - FEMA is urging Houston residents to check whether they might still need flood insurance and purchase it before hurricane season peaks in a month.
This comes as some homeowners have dropped their flood policies in the wake of rising insurance rates and the rising cost of living.
Climate change is leading to extreme heat in the south this year. The National Oceanic and Atmospheric Administration, or NOAA, is predicting 17 named Atlantic storms this season, with only four being named so far.
"We continue to see the warm waters. We continue to see more unpredictable rain patterns," warned Jeff Jackson, a Deputy Assistant Administrator at the Federal Emergency Management Association.
The National Flood Insurance Program takes 30 days to take effect, so Jackson says there's still time to put a policy in place before hurricane season peaks in mid-September.
"We saw in Hurricane Harvey in 2017, the average payout for a flood insurance claim was over $100,000," said Jackson. "Forty percent of our claims have been outside the high-risk areas."
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Even one inch of water in a home can cause $25,000 in damage.
"That’s an awfully hard hit to take putting on a credit card or using your home equity. The best peace of mind and coverage is through an insurance policy," said Jackson.
And analysts are concerned.
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FEMA's recently implemented Risk Rating 2.0 system was reported to have resulted in higher premiums for 91% of Harris County policyholders, totaling an average cost of $700 a year.
An Associated Press study suggests as many as 20% of policies could be dropped nationwide, as the cost of living has been rising perhaps faster than the memory of rising water.
You can see your home's risk for flooding on the FEMA Flood Maps. The non-profit RiskFactor site shows your home's risk for flooding, wind damage, fire, and extreme heat.
Several private insurance companies now offer flood insurance, so it's a good idea to shop around for the best rate. To reduce your premiums, you can consider raising your deductible or mitigating your home's risk factors, such as elevating your utilities or home, and installing flood openings.