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Who Needs to Buy Flood Insurance
- Published on Wednesday, 15 May 2013 10:55
With strong hurricanes in the past decade, such as Sandy and Katrina, showing the amount of flood damage that can be caused by such events, flood insurance should become a priority for people who live in at-risk areas.
But who actually needs flood insurance? The simple answer is business owners, homeowners and renters, however the complete answer is more complicated.
Of course, homeowners in high risk areas will need to purchase flood insurance. Oftentimes, home buyers won't be able to obtain a mortgage without flood coverage in these areas. Part of the reason why lenders require flood insurance is that there is a one in four chance of flooding during a 30-year mortgage in high-risk areas, according to FloodSmart.gov.
Homeowners in moderate-to-low risk areas would be wise to purchase flood insurance even if not required by lenders, as nearly 20 percent of claims come from homeowners who aren't in areas where there is the greatest risk of flooding.
The importance of flood insurance for renters was magnified during Hurricane Katrina, when the Federal Emergency Management Agency reported only 40 percent of residents in flooded areas had insurance. The majority of those who didn't have coverage were either renters or homeowners without a mortgage.
When it comes to business owners, having flood insurance can be the difference between remaining in business after an event or being forced to shut down. According to FloodSmart.gov,at least 25 percent of businesses that close after a flood never reopen.
Business owners, homeowners and renters looking to find out more about flood insurance canvisit the official site of the National Flood Insurance Program (FloodSmart.gov).
We are Flood.
As we have for almost 40 years, Wright provides flood insurance with leading industry expertise and extraordinary claims response, earning an A (Excellent) rating from A.M. Best.
In partnership with FEMA Wright Flood provides federal flood policies to protect homes, businesses, and their contents from flood disasters and has grown into the largest flood insurance company across the country.
Through Wright National Flood Insurance Services, we have conceived and are building The Flood Insurance Marketplace™ for agents and consumers to easily find private flood insurance solutions with higher policy limits and customized coverage options.
In concert with FEMA and their Moonshot goals, Wright aims to lessen the flood insurance protection gap, help owners to recover from flood loss and build stronger, more resilient communities.
But more important than providing policies, at Wright we take pride in offering more support, greater expertise, and our ongoing commitment to partner agents and policyholders, especially at the time of flood loss. We are there when you need us, and we think that is the measure of the right relationship.
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