30 DAYS TO HURRICANE SEASON: FEMA ADVISES TO PREPARE NOW WITH FLOOD INSURANCE
Washington, D.C. (April 29. 2009) /PRNewswire/ — June 1, 2009 marks the beginning of Atlantic hurricane season. In addition to knowing appropriate safety precautions, FEMA recommends protecting your property now with a flood insurance policy. It typically takes 30 days from the time of purchase for a policy to become effective.
"Past hurricane seasons have shown that storms can form as early as the beginning of June, so property owners can't afford to wait to buy flood insurance," said Ed Connor, Acting Federal Insurance Administrator and Acting Assistant Administrator, FEMA Mitigation Directorate. "Homeowners insurance doesn't cover flood damage and, without flood insurance, property owners may have to absorb the financial losses on their own. Just a few inches of water can cost thousands of dollars in repairs and, in this economy, few can afford that potential drain on their savings."
Flood insurance is affordable and available through about 85 insurance companies in approximately 20,600 participating communities nationwide. National flood insurance is available to renters, business owners and homeowners, even if it is not required by the terms of a mortgage. While the average flood insurance policy is around $540 a year, homeowners can protect their properties in moderate- to low-risk areas with lower cost Preferred Risk Policies (PRPs) that start at just $119 a year.
Individuals can learn how to prepare for floods, how to purchase a flood insurance policy and the benefits of protecting their properties against flooding by visiting Floodsmart.gov or calling 1-800-427-2419.
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