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Lack of Flood Insurance a National Problem

According to a recent story in the Minneapolis Star Tribune,in Utah only 3.64% of structures in high-risk flood zones are covered by flood insurance. In Minnesota, the number is 4.24%.

Those are the lowest rates in the country, but that doesn’t mean there’s no problem elsewhere. The Star Tribune article, citing a 2006 Rand Corp. study, said that only about 50% of the nation’s homes in high-risk zones have flood insurance.

In the Midwest that number is 20 to 30 percent.

Flood insurance can be expensive, depending on where the structure is, but it’s easy to get if the community participates in the National Flood Insurance Program. http://www.floodsmart.gov/floodsmart/ Insurance under the program covers both the structure and contents and is available for both residential and commercial properties.

Is insurance coverage for flood restoration work a problem for you? Does your community participate in NFIP? Find out here.

If it does, spreading the word to your clients, insurance agents and others in the area could save a lot of headaches for everyone. If it doesn’t, you can petition your local government to apply.

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