It's Flood Awareness Week in Pennsylvania, and officials are raising the heat on homeowners and renters to get smart about flood insurance. The Pennsylvania Insurance Department (PID) and the Pennsylvania Emergency Management Agency (PEMA) are sounding alarms, emphasizing that the financial stakes can be just as high when flood waters rise.
Despite floodwaters wreaking havoc across all 67 counties in the Keystone State, only a dismal 1 percent of households currently have flood insurance. It's a risky roll of the dice for many, as most assume their homeowners' insurance policy got them covered for flood damage. "After flooding disasters, PID hears devastating stories from residents who thought they were covered for flood damage through their homeowners' insurance policy but were not," Insurance Commissioner Michael Humphreys told the Pennsylvania Insurance Department. To not fall victim to unbridled repair costs, Humphreys is pushing consumers to think about purchasing flood insurance on the double.
Chaired by Humphreys himself, the Flood Insurance Premium Assistance Task Force is working to figure out how to possibly cut flood insurance costs for Pennsylvanians. Ideas are being thrown around on how to skyrocket awareness for flood insurance. The task force is on track to pitch recommendations to Governor Shapiro and the General Assembly later this summer.
"You're more likely to experience a flood in your home than you are a house fire," PEMA Director Randy Padfield pointed out. Flood insurance starts to sound less optional and more mandatory with a line like that. Through the National Flood Insurance Program (NFIP) and private insurers, flood insurance can shield almost any building and its contents, including rentals and condos. Renters can too snag some insurance to shield their stuff.
There's a 30-day waiting period for new policies, ensuring you can't just wait to see rain on the horizon. Exceptions exist, but they're mostly tied to mortgage-related activities, so best not to gamble and get covered sooner rather than later. In a state where even an inch of rain could cost $25,000 in home damage, it might be wise to batten the financial hatches now.
