Active 2020 Hurricane Season Proves Importance of Flood Insurance
This 2020 hurricane season has been extremely active, resulting in over 23 named storms so far.
Texas coastal counties, southwestern Louisiana, Alabama and Florida- all areas that have been heavily affected by this busy season. Storms, flooding, and debris are just some of the problems that residents in the affected areas have faced this year. One thing is clear- flood insurance is important and possibly more prevalent than ever.
History has shown us how serious their aftermath can be. Hurricane Katrina back in 2005 with the highest payouts in National Flood Insurance Program (NFIP) history with $16.3 billion, and 2017’s Hurricane Harvey at number two with $8.9 billion in NFIP payouts. These storms caused serious damage for so many, and emphasized the importance of being as prepared as possible- and more specifically, emphasizing the importance of flood insurance.
The NFIP writes over 80% of the flood coverage in the United States with a reported 5 million flood insurance policies. However, research shows that the number of policies in south central and coastal Texas has fallen in recent years, with The Texas Department of Insurance reporting that the number of federal flood insurance policies have declined in nearly all Corpus Christi-area counties. Bexar County along with nine other nearby counties have also seen a drop in flood insurance policies.
Approximately $287 million in net private flood insurance premiums were written in 2019- a drop from the $541 million just a year before in 2018.
Areas such as Florida, Louisiana, Texas, Virginia, South Carolina, North Carolina, and Georgia are at highest risk of storm surge damage, making the drops in flood insurance policies a major concern.
It is important to not only have a flood policy in place, but to also understand it. Insurance Litigation Group is here to help. At ILG, our experienced and aggressive attorneys take the time to analyze and interpret your policy and understand the full measure of damages available to you. We work with construction experts, restoration professionals and others to determine the facts. Contact us today for more information and to schedule your FREE initial consultation.