Latest news with #floodinsurance
Yahoo
4 days ago
- Business
- Yahoo
Insurance expert says understanding coverage is key for hurricane preparedness
The beginning of the next hurricane season is days away, and understanding your insurance coverage is a major part of being prepared. A man who's been in the insurance business for 43 years explains why. Tom Cotton is the third-generation owner of Hugh Cotton Insurance, and knows now is the time for clients to prepare for hurricane season. 'Make an appointment and sit down with your insurance agent to review your coverages, your deductibles, your values and your exclusions,' he said. Cotton says this is the time to know exactly what your policy does and does not cover. You also need to make sure you have enough coverage. This is especially true if you home value has increased substantially over the last several years. 'The areas where we frequently find challenges are the value they have on replacement costs on their policy has not kept pace with the actual reconstruction costs of their home,' Cotton said. 'Agents don't put values on houses. They have to tell us what they believe it is.' He also stressed the importance of flood insurance, which is a separate insurance policy that covers flooding inside homes and businesses, saying, 'If you do not have a flood insurance policy, you do not have coverage for flood.' in addition to an insurance checkup, Cotton said homeowners can prepare their homes today for a storm in the future. This includes doing preventive maintenance, trimming trees and considering what service providers to use right after a storm. 'If there's a tree on your house, trying to find the tree contractor a day after a hurricane, you're late. you need to already know who you're going to call,' he said. If you suffer damage at your residence or business, take precautions while waiting on repair work. 'You need to do whatever you need to do to mitigate the damages. but save the receipts. The insurance company will reimburse you for those costs,' said Cotton. Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.
New York Times
5 days ago
- Business
- New York Times
Who Should Consider Getting Flood Insurance? These Days, Almost Everyone.
With the Atlantic hurricane season about to start, this may be good time to consider buying flood insurance for your home — even if you don't live in a hurricane-prone area. Officials at the National Oceanic and Atmospheric Administration said this month that they were expecting more than the average number of hurricanes during the season, which begins June 1 and runs through November. NOAA predicts as many as 19 named storms, with six to 10 of them strengthening into hurricanes. An average season has 14 named storms with seven becoming hurricanes. Flood insurance should not be seen as important only for property owners near the ocean, insurance experts note. While properties near the coast are in particular peril, areas far inland have had severe flooding in recent years as a warming climate spawns intense storms that drop heavy rainfall. Won't my homeowner insurance policy cover flood damage? No. Standard homeowner insurance policies don't cover damage from floods, which are the most common and costly natural disaster in the United States. Flood protection — which typically covers damage from rising water entering a home — requires a separate policy, available from the federal government's National Flood Insurance Program or from certain private insurers. Borrowers with federally backed mortgages in certain high-risk areas are generally required to carry flood coverage, but it's largely optional otherwise. What if I don't live near a coastline? You should still evaluate buying flood coverage, insurance experts say. Consider this example. In September, Hurricane Helene made landfall on Florida's gulf coast as a powerful Category 4 storm, then moved inland, traveling hundreds of miles north. The storm drenched parts of six states and caused record flooding in western North Carolina. Want all of The Times? Subscribe.
Yahoo
10-05-2025
- Business
- Yahoo
Flood insurance costs expected to rise in Virginia
HAMPTON ROADS, Va. (WAVY) — With the 2025 hurricane season just a few weeks out, it is critical for coastal areas such as Hampton Roads to get prepared. A fairly active hurricane season awaits, with a returning threat aimed at the East Coast, yet only of Virginians have flood insurance, all while parts of the Commonwealth have a high flood risk. In the Southeast region, have flooded at least twice in the last decade, with 75% of those properties located in Hampton Roads. People should buy flood insurance ASAP in advance of Hurricane season, said Mary-Carson Stiff, Wetlands Watch executive director. 'It takes 30 days for your flood insurance policy to become effective.' But Virginians can expect a rate increase. So what's to blame? 'The National Flood Insurance Program is in extreme debt,' Stiff said, 'so about $20 billion in debt.' That debt is linked to climate change and a surge in damage to people's properties. 'So the more storm events that we experience, and the more people that live in areas of high risk, which are our coastal communities, our highest growing population in the whole country, the more claims are going to be filed,' she said. The growing demand in payouts forced Congress to reform the flood insurance program, increasing policies and premiums. 'You aren't supposed to pay more than 18% of an increase each year for your primary residence, or 25% each year for a secondary home or a business property,' she said. 'So Congress made these congressional caps to help kind of increase cost, but try not to create so much stress on the average policyholder.' As for the Federal Emergency Management Agency, it remodeled how they rate their flood insurance policies, also affecting premiums. 'If it's a primary residence, or 25% if it's an investment property or second home, that annual capped increase is congressionally mandated,' she said. 'So what we're seeing is small gradual increases over time.' Flood insurance rates are now determined from specific characteristics of an individual property or a group of properties, like square footage and distance. 'Flood insurance is not covered by your homeowner's insurance,' she said, 'so you really need to get a separate policy. And if you're not sure if you have flood insurance, call your homeowner's insurance company and ask them.' According to Stiff, the National Flood Insurance Program cannot deny anyone coverage, while FEMA can, depending upon the circumstance. For those considering private insurance, make sure a company is insured and you're protected against larger scale disaster events. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
