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Hurricane Season

Hurricane Season

The 2017 Atlantic hurricane season was one for the record books.  There were six storms that were Category 3 and above, with two of those being Category 5 hurricanes.  It was the costliest on record accounting for $282.16 billion dollars in damages.  This year's Atlantic hurricane season has been a bit slower to develop but the East Coast of the United States is preparing for Huricane Florence to hit as a Category 4 storm.  

Hurricanes cause billions of dollars of damage in wind and flood losses.  Flood losses are a major concern even here in Oklahoma.  Tropical systems can move into Oklahoma and if they are slow moving they can dump a lot of rainfall in just a few days.  There have been several storms that have dumped over a foot of rainfall in as little as one day.  This type of rainfall even happens in non-tropical weather systems.   Most homes and businesses in Oklahoma are not insured for flood damage.  

Flood losses often occur in homes and businesses that are not in flood prone areas.  Intense rainfall often causes flash flooding that can affect most areas.  The only way to make sure you are protected is to purchase a flood insurance policy.  Flood insurance rates are based off of the flood zone that the property is located in.  Many low risk zones even qualify for a "preferred" flood policy that can lower the premiums up to 40%.  Flood insurance for most homes is very affordable yet most people do not have this coverage.  Restoring your home after a flood loss is very expensive and time consuming.  Even a minor flood can cause major damage to your flooring, drywall, and electical outlets.  

Homeowner's and business owner's policies DO NOT cover flood damage.  Flood policies are a stand alone policy.  You can insure your home for as little as $250 a year depending upon your flood zone.  Flood policies require a 30 day wait period unless they are required to close a new loan on a property.  Don't wait until the last minute to try to get coverage.  Hundreds of people on the East Coast have been calling insurance agencies looking to get a flood policy put in force for the oncoming storm.  They will not be able to have a policy started in time.  Call your insurane agent today and ask about a flood insurance policy for your home or business!!  


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