Flood Insurance Spotlight
Of course, no one plans to become a hurricane victim, and no one should have to learn the hard way either that homeowner’s or renter’s insurance does not cover flood damage.
Chesapeake’s Deputy coordinator of Emergency Management, Robb Braidwood said after Hurricane Matthew, the first category 5 Atlantic hurricane since 2007, “If you live in Chesapeake, you should have flood insurance.” “The highest point in the city is in a swamp.”
Recent reform plans to the National Flood Insurance Program were announced on March 18, 2019 by the Trump administration.
The program would begin to assess properties individually using variables like one’s proximity to large bodies of water, hurricane rainfall, coastal surges rather than the current applying a single formula for an entire flood zone. Since higher valued properties are more likely to hit the $250,000 insurance cap, lower valued homes are paying proportionately more than higher valued homes. The new reform would drive flood risk into the private reinsurance and risk markets. According to the Insurance Information Institute, FEMA will announce the new rates on April 1, 2020 and will implement the new system on October 1, 2020.
Flood insurance can pay claims when there is no Presidentially declared disaster. The Federal Emergency Management Agency (FEMA) offers disaster grants that do not have to be paid back, but this amount is often much less than what is needed to recover.
If you have flood damage, and do not have flood insurance, there could be resources available to help you through FEMA. For info go to www.fema.gov.
If you suffer flood damage in Chesapeake, call your local SERVPRO® of Chesapeake South at 757-523-9700.