Make sure to be covered through flood insurance
With Flood Insurance Awareness Week Feb. 4-10, in Wisconsin, some are taking the time to recognize the state’s increasing flood risk and the importance of having appropriate insurance coverage.
“Now is the time to prepare for spring flooding and consider getting flood insurance coverage,” said Insurance Commissioner Nathan Houdek. “Flood insurance policies from the National Flood Insurance Program (NFIP) have a 30-day waiting period, so don’t wait until flood waters are rising.”
Standard homeowners and renters insurance policies do not cover flood damage, yet millions of Wisconsinites don’t have flood insurance coverage. Flood insurance policies can protect individuals, families and business owners alike.
“One inch of water can cause up to $25,000 in damage so even small or moderate floods can be financially devastating if you don’t have the right insurance,” said Houdek. “Whether you rent or own, there is flood insurance coverage available for your needs.”
Flood insurance is available even for those who don’t live in Special Flood Hazard Areas (SFHAs), also known as floodplains. On average, 40 percent of the NFIP flood insurance claims occur outside of these high-risk flood areas. Flood insurance policies will also pay a claim, regardless of whether there is a presidentially declared disaster, unlike FEMA grants or other sources of disaster recovery funding.
Consumers in certain communities in Wisconsin may even get a special discount if their community participates in the Community Rating System (CRS). As of 2021, NFIP policyholders in CRS communities across the country, saved an average of $162, per year, on their flood insurance policy.
