Courtesy of iii.org
Property damage to a house, tenant property and business – as a result of a flood – is usually covered FEMA’s national flood insurance program (NFIP) and through some private insurers.
Private cars that have been damaged or destroyed by wind or flooding covered under the optional comprehensive part car insurance. Almost 80 percent of US drivers opt for comprehensive coverage.
“Superstorm Sandy, which hit the northeast including New Jersey and Long Island, was the deadliest and most devastating storm of the 2012 hurricane season in the Atlantic, causing billions in insured losses,” said Dr. Michel Leonard, CBE, Vice President and Senior Economist, Triple-I, who also collected the content on the Triple-I Resilience Accelerator website. “Homeowners and business owners should use flood maps to better understand their current exposure. This can help determine if their insurance is adequate.”
Most people who live in flood-prone areas of the country are not flood-insured. The average utilization rate for flood insurance – that is, the percentage of property owners who buy these policies – was 15 percent nationwide. This resulted in a Triple-I survey from 2018. In Ocean County, New Jersey, for example, the occupancy rate in 2018 was 17.8 percent compared to Suffolk County, Long Island, where only 6.2 percent of property was over have flood insurance.
Tropical Storm Fay is the sixth named storm of 2020 and marks the first time that six tropical cyclones have formed in the Atlantic Basin so early in the calendar year. Dr. Phil Klotzbach, a non-resident Triple-I scientist, and his atmospheric science team at Colorado State University released an updated forecast last month demanding:above averageTropical cyclone activity for the rest of 2020.
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