Homeowner’s Lack of Flood Insurance Costs Billions
In the aftermath of Hurricane Florence, a new problem is surfacing: The shrinking number of households that have flood insurance.
Flood damage is not included in a standard homeowners’ insurance policy. So if a mortgage lender does not require a borrower to obtain it, the onus falls on the homeowner to seek it out. For some, the extra money to do so may make this unlikely. As of April 2017, the average annual premium for a policy through the National Flood Insurance Program was $878.
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