Insurance, any type of insurance is intended to save us from Financial Ruin, yet why do we choose to go without it?
When Hurricane Harvey made landfall and Hurricane Irma was 7 days out, our phones started lighting up, most people of whom did not currently have flood coverage wanted to get it and as fast as they could.
Unfortunately, it was too late for them and our heartstrings were tugged as we told them they could buy it but it would not take effect for 30 days (NFIP policy).
By this time Private Flood insurance option put what they call a moratorium (a temporary prohibition) on the writing of new flood insurance policies in an area when there is forecasted flooding.
Why isn’t flood insurance high on our list of must-haves for coverage?
FEMA has statistics that show 25-present of all flood claims are from policyholders that don’t live in the High-Risk Flood area where they would have been required to have flood insurance.
I get it we are constantly having to juggle our household budget.
When the skies are clear it is easy to believe we don’t need flood insurance.
And many decide to gamble the risk.
Of the flooding in Houston, the US 4th largest city.
Only a 20% of those who were flooded had flood insurance that means the other 80% could be facing finical ruin.
All those dreams literally washed away.