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In peak of hurricane season, consumers could be caught uninsuredPosted On Fri, August 10, 2012
The Insurance Information Institute (III) recently issued a warning report telling consumers to make sure they have the proper flood insurance as the peak of hurricane season begins.
Flood insurance, like earthquake insurance, is not included in standard homeowners insurance policies. According to the III, consumers can purchase flood insurance from the National Flood Insurance Program and several private insurers. Insurance rates and premium prices may vary depending on area and flood zone designation.
Purchasing "relevant" insurance policies is always necessary - it is, for example, good to have flood insurance if you live in a designated flood zone. However, flash floods can occur anywhere, as evidenced by a recent flash flood warning in the Santa Ana mountains, or the flood that recently overtook Anthem, Arizona. Residents in these areas were shocked to find that their standard homeowners insurance policies did not cover the flood damage to their homes.
The warning issued by the III comes on the heels of a similar caution given by Louisiana Insurance Commissioner Jim Donelon, who urged residents in danger areas to look over their flood coverage to make sure they were fully covered.
The III also advises consumers to remember that flood insurance takes 30 days to go into effect, so purchasing flood insurance as soon as possible is the best way to ensure property safety.
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