Guest column: Now is the time to consider purchasing flood insurance
Published on Monday, October 28, 2024 at 1:11 p.m.
North Carolina Insurance Commissioner Mike Causey
Written by Mike Causey
As I visit many of the communities in western North Carolina that were devastated by Hurricane Helen, I am heartbroken by the destruction I see. It’s also concerning that many people whose homes were damaged or lost in flooding did not have flood insurance when Tropical Storm Helen passed through western North Carolina.
Mobile homeowners and comprehensive (non-collision) auto insurance policies cover flood damage, but standard homeowners insurance does not cover flood damage. Home insurance and renters insurance also do not cover flood damage.
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Most flood insurance policies are written by the federal government through the National Flood Insurance Program (NFIP). North Carolina also offers a private flood insurance program.
To obtain flood insurance through the NFIP, you must visit the NFIP website at Floodsmart.gov or call 800-427-4661. Don’t wait and register for another hurricane to head toward North Carolina. There is a 30-day waiting period after you sign up for coverage before it begins.
Most homeowners in North Carolina do not have flood insurance. Mortgage companies typically require standard homeowners insurance as a condition of receiving a loan, but many companies do not require flood insurance unless you are located in a high flood risk area.
According to NFIP statistics, approximately 139,000 people statewide have flood insurance through NFIP, most of whom live in North Carolina’s coastal regions. In the 25 counties covered by the Hurricane Helen disaster declaration, only about 0.7% of homeowners had flood insurance.
As I’ve said many times before, if it rains on your home, you need flood insurance. After Hurricane Florence caused a lot of flooding in 2018, I started an effort to educate North Carolinians about the need to purchase flood insurance. We have flood insurance classes where insurance agents, appraisers, real estate agents, engineers, and more can earn continuing education credits by attending our classes. We remind homeowners many times a year that they need flood insurance.
There has been some progress, but clearly not enough progress.
Many people may not purchase flood insurance because they think it is unnecessary or expensive. I think there are a lot of people in Western North Carolina who wish they had bought one. If you live in an area with low flood risk, it can be quite affordable to purchase flood insurance.
It’s a good idea to consider purchasing flood insurance while it’s still fresh in your mind. Buying this will give you peace of mind when future storms approach.
Mike Causey is North Carolina’s insurance commissioner.
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