Many Florida homeowners have dropped their flood insurance policies, despite continuing to face serious risks from hurricanes and other storms that could lead to significant floods. Tens of thousands of people could be at risk of financial devastation in case a hurricane or storm causes flooding. Traditional homeowners’ insurance policies do not usually cover damage caused by flooding. During Hurricane Dorian, 59 different counties were subject to evacuation order. While homeowners in these counties held 734,445 flood insurance policies in 2011, that number had declined to 508,731 policies by 2019.
In some cases, homeowners may have switched from federally provided flood insurance to a private insurance company. There has been a national downturn in flood insurance policies, especially as premiums become more costly. Homeowners struggling to make ends meet often drop their flood insurance despite the risk of devastation if there is a flood. Premiums have been changing to reflect the massive expenses associated with floods, and discounts have come to an end. However, as a result, some homeowners find it extremely difficult to pay these costly premiums and keep up with their other bills.
Without flood insurance in place, homeowners who face flood damage due to a hurricane might be forced to pay for necessary repairs from their own savings. They may also be able to seek limited disaster relief funds from the government. Of course, many people may be wary of insurance policies because homeowners have had their legitimate hurricane damage claims questioned or denied by their insurance providers.
Of course, hurricane damage claims aren’t limited to flooding. Much damage is caused by strong winds and torrential rain, and people may face difficulties working with their homeowners’ insurance companies to receive compensation. An insurance attorney could help homeowners to protect their rights and seek the benefits they deserve.