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III emphasizes importance of flood insurance as hurricane season beginsPosted On Fri, June 3, 2011
When it comes to tornado activity, it's been a trying spring for much of the nation's Midwest. And if forecasters' projections are accurate, the Atlantic coast could be in for a rough summer, as some projections indicate as many as 12 to 18 hurricanes could be named by the time the season ends.
In mid-May, the National Oceanic and Atmospheric Administration released its annual forecast of hurricane activity and the Insurance Information Institute has responded with a report of its own.
In it, the III reminds homeowners of things that they may not be aware of, such as how flood damage is not included in a standard home insurance policy but policies do cover properties adversely affected by high winds.
But more than anything else, the III report emphasized the importance of homeowners making sure they're policies contain flood insurance protection, as it usually takes 30 days before coverage goes into effect.
Homeowners who may not be able to afford putting flood insurance on their home insurance policy may be eligible to receive coverage under FEMA's National Flood Insurance Program. According to FEMA, the number of NFIP policies in force has gone from 2.1 million in 1980 to 5.7 million in 2009.
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