With the Virgin Islands bracing for yet another busy hurricane season, which starts on June 1, the Federal Emergency Management Agency (FEMA) in a release issued today is encouraging Virgin Islanders to secure their homes with a flood insurance policy.
FEMA said most standard homeowners policies do not cover flood damage. Homeowners may contact the National Flood Insurance Program to receive referrals to flood policy providers in their area.
“I urge everyone to protect their investment —and to do it now, because coverage usually doesn’t begin until 30 days after you buy your policy,” said Lieutenant Governor and Commissioner of Insurance Osbert E. Potter.
Payments for flood insurance claims by the National Flood Insurance Program have averaged more than $55,000 for Hurricane Irma and more than $106,000 for Hurricane Maria.
Insurance empowers you to replace all your covered property. By contrast, FEMA grants are meant to pay for barebones repairs and furnishings with a maximum payment of no more than $33,300. Further, FEMA assistance is available only in presidentially declared major disasters.
Those without insurance often must borrow funds to bring their homes back to pre-disaster condition and will have monthly loan payments for years ahead. Those with flood insurance avoid taking on the burden of debt to restore their property.
“Flood insurance is the best investment you can make to give you peace of mind about your recovery from flooding,” said Federal Coordinating Officer William Vogel.
How do you buy flood insurance? First, talk to your regular insurance agency. If they don’t offer flood insurance, call the National Flood Insurance Program’s Help Center at 800-427-4661 to learn more about how to purchase flood insurance or to find a carrier doing business in your area.
Tags: flood insurance, hurricanes, us virgin islands, usvi
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