Flood Insurance, Property Insurance Concerns

For people renting first floor apartments in flood prone areas, they may be out of luck if looking to purchase flood insurance. Many people living on the first floor have looked into purchasing flood insurance from the Federal Emergency Management Association flood insurance program but have been turned away. They have been turned away because the floors of their apartments lie below ground level.

This classifies their apartment as a basement and therefore makes it ineligible to be covered by FEMA’s insurance program. On top of that, there is really no other option but to move all of their belongings in the threat of a flood. Although certain basement contents are covered, the coverage only applies to utilities such as washer dryers and heating systems.

Many apartment dwellers are appalled at this coverage limitation and are nervous about the anticipated spring flooding. While FEMA is looking to reconsider this stipulation the process will take years to complete. In the meantime these apartment dwellers are out of luck.

Filed Under: FeaturedGeneral Insurance News

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