August 22, 2011
By: Jana Bell
Data from the Federal Emergency Management Agency shows residents in many New York counties are purchasing flood insurance far more frequently than homeowners nationwide, according to the Wall Street Journal.
According to the report, the number of flood insurance policies has risen 26.7 percent over the past decade. However, in New York City, the number has more than doubled over the same time period. A similar trend has also been seen in Nassau, Suffolk and Westchester counties.
Local insurance agents told the Journal devastating storms such as Hurricane Katrina, combined with local flood events, increased awareness in many residents' minds. One homeowner, who recently purchased flood insurance after ignoring it in the past, reinforced that sentiment.
"I said, 'OK, I'm probably tempting fate,'" homeowner Steve Siciliano told the WSJ. "I'm 30 years closer to that 100-year storm, so when September rolls around I want to have a little peace of mind."
Flood insurance, which is not included in standard homeowners insurance, is required by lenders in some high-risk parts of the country, but is optional in others.
Even a relatively small flood can cause serious damages. The National Flood Insurance Program estimates a 2-inch flood in a 2,000-square-foot home could cost $21,000.
For more about flood insurance you can visit: Flood Smart
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