NFIP Has Paid over $1B in Florida since Irma

first_img FEMA Florida hurricanes Insurance nfip 2019-07-18 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago July 18, 2019 1,230 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Previous: Americans are Investing Real Estate Next: The Industry Pulse: Updates on ClosingCorp, Nationwide, and More Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, Loss Mitigation, Newscenter_img FEMA’s National Flood Insurance Program (NFIP) has paid more than $1 billion towards 21,949 flood insurance claims by policyholders whose properties were flooded during the historic storm since Hurricane Irma in Florida, Wink News reports.Florida has more NFIP policies in force than any other state, and officials are urging Florida homeowners, renters and business owners to contact their insurance agent and insure their properties from flooding.“One of the most important steps you can take to prepare for hurricane season is to buy flood insurance,” said Federal Coordinating Officer Gary Stanley, the FEMA official in charge of Florida’s Hurricane Irma recovery efforts. “Homeowner’s insurance does not cover losses from flooding, so don’t wait, purchase flood insurance today. A policy typically takes 30 days to go into effect, so when the next storm is on its way, it could be too late.”According to a recent survey by insuranceQuotes.com, many homeowners are in the dark when it comes to what is and isn’t covered in their homeowners insurance policy. Flood and mold damage are among the most common misconceptions when it comes to homeowner’s insurance. The survey revealed that 35% of Americans incorrectly believe that a standard homeowner’s insurance policy covers flood damage, and 34% incorrectly believe that a standard homeowner’s insurance policy covers mold damage. These homeowners may be unaware that flood insurance is a premium provided through the NFIP, rather than an included feature in their homeowner’s insurance. In general, a homeowner flood insurance policy covers up to $250,000 in structural damage and up to $100,000 in content loss. However, some homeowners may not be aware of what a “flood” actually means.“Many consumers, when discussing or describing a loss, think that the words ‘flood’ and ‘water damage’ are interchangeable and mean the same thing,” says Mark Carrasquillo, an agent with the New York City-based brokerage E.G. Bowman Company on insuranceQuotes.com. “This is entirely wrong. In the insurance world the terms are very different.” About Author: Seth Welborn Tagged with: FEMA Florida hurricanes Insurance nfip Demand Propels Home Prices Upward 2 days ago  Print This Post NFIP Has Paid over $1B in Florida since Irma Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / NFIP Has Paid over $1B in Florida since Irma Sign up for DS News Daily Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img

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