{"id":333,"date":"2020-06-11T17:17:31","date_gmt":"2020-06-12T00:17:31","guid":{"rendered":"http:\/\/www.corrinblogsinsurance.com\/?p=333"},"modified":"2025-02-21T11:22:22","modified_gmt":"2025-02-21T19:22:22","slug":"5-things-homeowners-need-to-know-to-prepare-for-2020s-flood-season-national-flood-services","status":"publish","type":"post","link":"https:\/\/www.corrinblogsinsurance.com\/?p=333","title":{"rendered":"5 Things Homeowners Need to Know to Prepare for the Flood Season | National Flood Services"},"content":{"rendered":"

Flood season is upon us. According to the National Oceanic and Atmospheric Administration, this flood season promises to be a wet one<\/a>, with 23 states likely to face moderate to major flooding.<\/p>\n

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Although experts do not anticipate this year\u2019s flooding to be as bad as 2019\u2019s, they predict that 128 million Americans are still at risk of flooding and 1.2 million Americans are at risk for major flooding. These are your customers, and this is what they need to know about flood season 2020.<\/p>\n<\/div>\n

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1. Homeowner\u2019s insurance does not cover flood insurance<\/h1>\n<\/div>\n
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No, this is not new in 2020. But the reality is that many homeowners still don\u2019t realize that a standard homeowner\u2019s policy does not cover damage caused by flooding. The confusion may stem from the fact that these policies often cover certain types of water damage, such as that caused by burst pipes.<\/p>\n

If you think many or most of your customers could benefit from some basic information about flood insurance, point them to our flood basics video series<\/a> to help them understand why they\u2019re at risk and how flood insurance can help.<\/p>\n<\/div>\n

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2. More homeowners are at risk than they think<\/h1>\n<\/div>\n
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Many homeowners don\u2019t think about their flood risk unless they live in a high-risk area, such as one prone to hurricanes. But flood risk exists everywhere \u2013\u00a0not just on the coasts, and 20 to 25 percent of claims<\/a> paid by the National Flood Insurance Program (NFIP) are outside of \u201chigh-risk\u201d areas. This year, one in three homeowners<\/a> in the lower 48 are expected to be affected by flooding.<\/p>\n

The Midwest is already off to a rough start. May brought flash flooding<\/a> to businesses and residences around a surging Chicago River after the city saw two of the five wettest days on record. In Michigan, devastating dam failures<\/a> brought on by historic rains forced thousands to evacuate.<\/p>\n<\/div>\n

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3. Not every part of a building is insured the same way<\/h1>\n<\/div>\n
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Homes come in all shapes and sizes, and certain features may be ineligible for coverage or incur limits on coverage. For example, homes with basements can be tricky. The NFIP defines a basement<\/a> as a \u201cbuilding with a floor that is below the natural ground level on all sides.\u201d<\/p>\n

Depending on the type of coverage a homeowner has, the structure or contents of a basement may not be covered. This includes below-grade apartments that may be considered basements and so have different coverage eligibility than units in the rest of the building.<\/p>\n<\/div>\n

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4. FEMA has extended its flood insurance premium payment grace period<\/h1>\n<\/div>\n
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For homeowners who are covered by a flood insurance policy, FEMA has extended its payment grace period<\/a> from 30 to 120 days. COVID-19 has disrupted many people\u2019s finances, and this change makes it a bit easier for policyholders to maintain their coverage during a time of increased flood risk.<\/p>\n

It\u2019s important to note, however, that homeowners must become current on their premium payments to be eligible to have a claim paid.<\/p>\n

If a homeowner does need to make a claim<\/a> after a flood event during the pandemic, FEMA has issued guidance for remote claims adjusting so social distancing measures can still be observed.<\/p>\n<\/div>\n

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5. 2020\u2019s hurricane season will likely be worse than average<\/h1>\n<\/div>\n
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Colorado State University hurricane forecasters predict that 2020\u2019s hurricane season, which begins June 1, will be worse than average<\/a>. They are predicting there will be 16 tropical storms, that eight of them will become hurricanes, and that four of those will become major hurricanes (Category 3, 4, or 5).<\/p>\n

For some perspective, an average season produces 12 tropical storms, half of which develop into hurricanes. Last year, there were 18 tropical storms. Six became hurricanes, three of them major.<\/p>\n

Hurricanes cause loss, plain and simple. Dorian, a Category 5 that weakened to a Category 3 as it neared Florida in September 2019, caused an estimated $500 million to $1.6 billion<\/a> in insured losses in the United States and an additional $2 billion in the Caribbean.<\/p>\n<\/div>\n

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Homeowners Need Insurance to Prepare for the 2020 Flood Season<\/h1>\n<\/div>\n
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Only 15 percent of homeowners<\/a> have a flood insurance policy! It\u2019s true that there is typically a 30-day waiting period before flood insurance goes into effect after purchase, but flood and hurricane season is just getting started, so there\u2019s plenty of time for homeowners to mitigate the risks to their property.<\/p>\n

Additionally, FEMA allows some exceptions to that waiting period<\/a>, such as for homeowners who purchase flood insurance as part of increasing, extending, or renewing their mortgage loans and those who increase their coverage when their current flood insurance is up for renewal.<\/p>\n

Not sure how to start the flood insurance conversation with your customers? Take a look at our guide to selling flood insurance<\/a>.<\/p>\n

Contact me for a quote in California, 650-876-9600, ctrowbridge@farmersagent.com<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Flood season is upon us. According to the National Oceanic and Atmospheric Administration, this flood season promises to be a wet one, with 23 states likely to face moderate to major flooding. Although experts do not anticipate this year\u2019s flooding … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[7,8,6],"tags":[],"class_list":["post-333","post","type-post","status-publish","format-standard","hentry","category-earthquakes-floods-and-other-natural-disasters","category-homeowners-insurance","category-every-life-has-a-financial-component-to-it"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7CwcV-5n","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.corrinblogsinsurance.com\/index.php?rest_route=\/wp\/v2\/posts\/333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.corrinblogsinsurance.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.corrinblogsinsurance.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.corrinblogsinsurance.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.corrinblogsinsurance.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=333"}],"version-history":[{"count":2,"href":"https:\/\/www.corrinblogsinsurance.com\/index.php?rest_route=\/wp\/v2\/posts\/333\/revisions"}],"predecessor-version":[{"id":382,"href":"https:\/\/www.corrinblogsinsurance.com\/index.php?rest_route=\/wp\/v2\/posts\/333\/revisions\/382"}],"wp:attachment":[{"href":"https:\/\/www.corrinblogsinsurance.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.corrinblogsinsurance.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.corrinblogsinsurance.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}