Midwest Floods Highlight Need for Flood Insurance
Recent destructive storms in the Midwest have left many homeowners facing costly repairs due to flooding, highlighting the importance of having flood insurance. Residents like Rick Satterwhite, whose house backs up to the Missouri River, are now realizing the necessity of flood insurance after having to pump water out of their basements following the record-setting floods.
Many homeowners in the Midwest do not have flood insurance, which must be purchased separately from homeowners insurance. Lack of insurance can burden homeowners with out-of-pocket repair costs and place more need on nonprofits and the government for assistance. Climate change is increasing flood risk in the region, creating conditions for wetter rainstorms and unexpected flooding of smaller rivers that don’t frequently overflow.
While some homeowners like Ben Thomas consciously choose to avoid flood insurance, others are now considering purchasing policies to protect themselves from future disasters. The National Flood Insurance Program provides coverage for buildings and contents, but it may not always be enough to replace an entire destroyed house.
The federal government is offering grants and low-interest loans to help uninsured homeowners with temporary housing and repairs. However, flood insurance remains the best option for comprehensive coverage. FEMA’s new pricing method has increased rates for many policyholders, but efforts to sell more policies face challenges nationwide.
As the Midwest begins to recover from the recent floods, experts are urging homeowners to consider purchasing flood insurance and to take steps to mitigate the risk of future flooding during the rebuilding process. The importance of being prepared for potential disasters is now more apparent than ever in the wake of these devastating storms.
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