Why Flood Insurance coverage Is Separate From Home-owner’s Insurance coverage

Most householders insurance coverage coverage’s don’t embody protection for flood insurance coverage. Because of this owners usually must get a second coverage in the event that they want to insure for the chance of flood from rising water. This brings up the query of why insurance coverage firm’s don’t embody flood protection?

The first motive is {that a} main storm can produce billions of {dollars} in flooding harm. The danger is so nice that almost all insurance coverage carriers should not prepared to supply that protection. An excellent instance is that when hurricane IKE hit in 2008 the Nationwide Flood Insurance coverage Program (NFIP) paid greater than 44,000 flood claims totaling over 2 billion {dollars} in Texas alone. A newer instance is hurricane Sandy in 2012 the place flood coverage losses are estimated to be greater than 12 billion {dollars}.

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