Experts estimate only 15-25% of homes in Northeast have federal flood insurance
Posted on Friday, November 2nd, 2012 at 4:19 pm
Insurance experts have estimated that only 15% to 25% of “at-risk” homes in the Northeast are covered by federal flood insurance.
Hurricane Sandy caused billions of dollars in damage, yet the flood damage many suffered in this storm is not covered by the National Flood Insurance Program. As of Aug. 31, only 38,785 residential and business flood policies existed in New York City.
In Atlantic City, New Jersey, only 8,129 businesses or residences are covered by the national flood insurance. A similar issue occurred in the Gulf Coast area after Hurricane Katrina.
Researchers with the National Science Foundation have stated that the reason for the small amount of flood insurance policies is because many people think that flood damage will not affect them. A recent analysis shows that many residential owners have “short-term” thinking when it comes to flood insurance, and they cancel after only three or four years of coverage.
If you or a loved one has suffered flood damage after a storm and your insurance policy is not following the agreement in your contract, you need knowledgeable representation on your side that can help you fight for the justice you deserve. Contact the residential property claims lawyers of Smith Kendall, PLLC, today to learn more.