In the face of increasing reports of climate change-related catastrophes, including floods, a recent survey commissioned by Selective and conducted by The Harris Poll revealed a surprising statistic: 59% of U.S. adults are not likely to reevaluate their need for flood insurance. This is despite the fact that only 14% of those surveyed actually had flood insurance.
The survey also highlighted a common misconception among homeowners and renters regarding their existing insurance policies. Two-thirds of consumers mistakenly believe that their current homeowners or renters insurance covers flood-related damage to their home structure or contents. This misunderstanding is troubling given that flooding is the most common natural disaster and can occur anywhere in the country.
Cassie Masone, vice president of flood operations at Selective Insurance, emphasized the importance of having a flood insurance policy, noting that changing weather patterns and evolving topography make it more crucial than ever. She pointed out that homeowners and renters often have a false sense of confidence that a flood won’t impact them because they are far from bodies of water. However, recent inland flood events and increased frequency of hurricanes highlight the very real risks facing property owners.
The survey also revealed significant misconceptions about the causes of flooding. While major storms like hurricanes and tropical storms are commonly believed to be the most common causes of large-scale flooding, other common causes such as persistent rainfall, river and lake flooding, levee or dam breaks, rapid snow melt, and ice jams are often overlooked.
One cause that consumers didn’t list is wildfire-charred land, which is prone to flooding because it can’t absorb rainfall. This oversight is particularly relevant in light of the recent winter storms and flood threats in California, where heavy downpours have led to flooding and mudslides in various areas.
Surprisingly, despite the heightened risk of flooding in California, few homeowners in the state have flood insurance. According to a survey by Neptune Flood, reasons for not purchasing flood insurance include not believing they are at risk, not having it on their mind, lack of disposable income, and concerns about cost.
In light of these findings, it’s important for homeowners and renters to reevaluate their need for flood insurance.
Contact Greg Magnus at 877-376-8676 x157 or email [email protected] to review your policy.
Source: [Independent Insurance Agents & Brokers of America](https://www.independentagent.com/tft/Lists/Posts/Post.aspx?ID=951)
