Insurance Information Institute urges U.S. residents to consider flood policies as hurricane season approaches

The Insurance Information Institute in the U.S. is reminding residents there to consider flood insurance protection, with less than a month before the Atlantic hurricane season begins.

Early predictions are indicating that this year’s season, which begins June 1, will be active, the institute said.

It also noted that severe flood damage also occurs when the remnants of major tropical storms move inland, so non-coastal residents aren’t entirely clear of flood risk. Spring rainstorms have already brought major flooding in Illinois, Indiana, Michigan and Missouri, the institute noted.

The organization is reminding American residents that their standard homeowner insurance policies don’t cover flood damage.

“But, flood insurance is available from the National Flood Insurance Program (NFIP) and a few private insurers,” Jeanne Salvatore, the institute’s senior vice president and consumer spokesperson noted.

“And don’t wait until a storm approaches to consider flood insurance,” she said. “Typically, it takes 30 days for a policy to go into effect—which means the time to act is now.”

In the U.S., some private insurers offer excess flood coverage, especially in communities not covered by the NFIP, the organization also noted.

Last year’s Superstorm Sandy was the third costliest storm in U.S. history, according to the Property and Casualty Insurers Association of America. Despite the high claims volume, the group said most claims were paid out quickly.