{"id":14138,"date":"2018-09-27T16:45:44","date_gmt":"2018-09-27T16:45:44","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=14138"},"modified":"2018-09-27T16:45:45","modified_gmt":"2018-09-27T16:45:45","slug":"lack-of-flood-insurance-costs-billions","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/","title":{"rendered":"Lack of Flood Insurance Costs Billions"},"content":{"rendered":"

Lack of Flood Insurance Costs Billions<\/h1>\n
\"Lack<\/a>

Lack of Flood Insurance Costs Billions<\/p><\/div>\n

 <\/p>\n

In the aftermath of Hurricane Florence, a new problem is surfacing: The shrinking number of households that have flood insurance.<\/p>\n

Flood damage is not included in a standard homeowners\u2019 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.\u00a0As of April 2017, the average annual premium for a policy through the National Flood Insurance Program was $878.<\/p>\n

Fewer than 10 percent of households in North Carolina had federal flood insurance, according to estimates from Milliman, an actuarial firm. An estimated $20 billion to $30 billion in\u00a0losses occurred due to flood and wind damage from Hurricane Florence\u2019s wrath on the Carolinas last week, according to CoreLogic<\/a>, a real estate data firm. Insured loss covered by the NFIP is estimated to be just a fraction of that\u2014between $2 billion and $5 billion. About 85 percent of the residential loss is uninsured, according to the report.<\/p>\n

 <\/p>\n

\n
\n
\n
\n
\n

The number of policies\u00a0purchased through the National Flood Insurance Program\u00a0has dropped over the past decade<\/a>, according to a report from the Urban Institute. The total is now just over 5 million. So as flood risks heighten<\/a>, that leaves a lot of homeowners at risk.<\/p>\n

Forty-three percent of homeowners wrongly assume damage from heavy rain flooding is covered under their standard insurance policy, according to the 2016 Consumer Insurance Survey<\/a>, conducted by the Insurance Information Institute.<\/p>\n

But in reality, special circumstances are required to get a standard insurance policy to kick in for such damage. For example, if hurricane-force winds caused roof damage that then leads to water damage within the home, insurance will most likely cover repairs. However, if a nearby river crests due to heavy rainfall and causes the flooding, a standard policy will likely not cover the damage. This recent article in MarketWatch notes<\/a> that many other natural disasters are covered by homeowners\u2019 insurance\u2014wildfires, tornadoes, and hailstorms\u2014yet not floods.<\/p>\n

The NFIP has been struggling to pay off claims over the past few years and has faced several lapses or near-expirations as Congress assesses how to continue funding it. Private flood insurance only accounts for about 15 percent of all flood premiums nationwide, with the NFIP\u00a0providing the remainder. The National Association of REALTORS\u00ae has renewed its call for a strengthened NFIP<\/a>, along with a robust private market. The NFIP is currently authorized until Nov. 30.<\/p>\n

\u201cThe National Association of REALTORS\u00ae remains focused on ensuring Congress and the White House enact long-term reauthorization and reforms to strengthen the program\u2019s sustainability,\u201d NAR President Elizabeth Mendenhall\u00a0said in a statement. \u201cFlooding is the most common disaster in the United States, one that affects Americans in communities both coastal and inland every year.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\n
\n
\n
Source:<\/div>\n
\n
\u201cHome Insurance Covers Damage From a Volcano, But Not a Flood<\/a>,\u201d MarketWatch (Sept. 24, 2018) and \u201cMany Enlist, But Flood Coverage Still Falls Short<\/a>,\u201d Mortgage News Daily (Sept. 21, 2018)<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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\u2019 insurance policy. So if a mortgage lender does not require a borrower to obtain it, the onus falls on … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-14138","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nLack of Flood Insurance Costs Billions - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lack-of-flood-insurance-costs-billions\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lack-of-flood-insurance-costs-billions\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Lack of Flood Insurance Costs Billions\",\"datePublished\":\"2018-09-27T16:45:44+00:00\",\"dateModified\":\"2018-09-27T16:45:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lack-of-flood-insurance-costs-billions\\\/\"},\"wordCount\":512,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lack-of-flood-insurance-costs-billions\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2018\\\/09\\\/09272018.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lack-of-flood-insurance-costs-billions\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lack-of-flood-insurance-costs-billions\\\/\",\"name\":\"Lack of Flood Insurance Costs Billions - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lack-of-flood-insurance-costs-billions\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lack-of-flood-insurance-costs-billions\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2018\\\/09\\\/09272018.jpg\",\"datePublished\":\"2018-09-27T16:45:44+00:00\",\"dateModified\":\"2018-09-27T16:45:45+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lack-of-flood-insurance-costs-billions\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lack-of-flood-insurance-costs-billions\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lack-of-flood-insurance-costs-billions\\\/#primaryimage\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2018\\\/09\\\/09272018.jpg\",\"contentUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2018\\\/09\\\/09272018.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lack-of-flood-insurance-costs-billions\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Lack of Flood Insurance Costs Billions\"}]},{\"@type\":\"WebSite\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/\",\"name\":\"Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"description\":\"Properties and Real Estate for Sale\",\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\",\"contentUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\",\"caption\":\"admin\"},\"logo\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\"},\"description\":\"For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both. Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary. Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that \u201cperfect\u201d property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently. When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting \u2013 or exceeding \u2013 his clients\u2019 expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame. For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania\u2026 call Anthony DiDonato.\",\"sameAs\":[\"http:\\\/\\\/www.anthonydidonato.net\"],\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Lack of Flood Insurance Costs Billions - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/#article","isPartOf":{"@id":"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/"},"author":{"name":"admin","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908"},"headline":"Lack of Flood Insurance Costs Billions","datePublished":"2018-09-27T16:45:44+00:00","dateModified":"2018-09-27T16:45:45+00:00","mainEntityOfPage":{"@id":"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/"},"wordCount":512,"publisher":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908"},"image":{"@id":"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/#primaryimage"},"thumbnailUrl":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2018\/09\/09272018.jpg","keywords":["Anthony DiDonato","News","Real Estate","tips"],"articleSection":["News","Real Estate Tips"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/","url":"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/","name":"Lack of Flood Insurance Costs Billions - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania","isPartOf":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/#primaryimage"},"image":{"@id":"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/#primaryimage"},"thumbnailUrl":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2018\/09\/09272018.jpg","datePublished":"2018-09-27T16:45:44+00:00","dateModified":"2018-09-27T16:45:45+00:00","breadcrumb":{"@id":"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/#primaryimage","url":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2018\/09\/09272018.jpg","contentUrl":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2018\/09\/09272018.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.anthonydidonato.net\/wordpress\/lack-of-flood-insurance-costs-billions\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"http:\/\/www.anthonydidonato.net\/wordpress\/"},{"@type":"ListItem","position":2,"name":"Lack of Flood Insurance Costs Billions"}]},{"@type":"WebSite","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#website","url":"http:\/\/www.anthonydidonato.net\/wordpress\/","name":"Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania","description":"Properties and Real Estate for Sale","publisher":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"http:\/\/www.anthonydidonato.net\/wordpress\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":["Person","Organization"],"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg","url":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg","contentUrl":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg","caption":"admin"},"logo":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg"},"description":"For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both. Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary. Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that \u201cperfect\u201d property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently. When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting \u2013 or exceeding \u2013 his clients\u2019 expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame. For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania\u2026 call Anthony DiDonato.","sameAs":["http:\/\/www.anthonydidonato.net"],"url":"https:\/\/www.anthonydidonato.net\/wordpress\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/posts\/14138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/comments?post=14138"}],"version-history":[{"count":0,"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/posts\/14138\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/media?parent=14138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/categories?post=14138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/tags?post=14138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}