Maine Insurance Superintendent Eric Cioppa is encouraging all Mainers to consider purchasing flood insurance, even those who live outside of federally designated flood zones, as the 2020 Atlantic hurricane season is underway.
The Atlantic hurricane season officially runs between June 1 and November 30 each year.
“No matter where we live, it’s important that we all understand our flood risk, and what it could cost us,” Cioppa said in a press release issued by the Maine Bureau of Insurance. “Don’t wait until there’s an imminent threat. Now is the time to call your agent to get a quote and purchase coverage. You can purchase a flood insurance policy at any time, but there is usually a 30-day waiting period for coverage to take effect.”
The Federal Emergency Management Agency (FEMA) has reported that in recent years, hurricanes have caused above average flooding, with more than 40% of flood claims submitted from outside of high-risk flood areas between the years 2014 and 2018.
Mortgage lenders generally require homes in flood zones to have flood coverage, but it is usually an optional purchase for all others, the Maine Bureau of Insurance release said.
Source: Maine Bureau of Insurance
Was this article valuable?
Here are more articles you may enjoy.
Record-Low Danube Water Levels Leave Boats Beached, Reveal Decades-Old Shipwrecks 
Mapfre to Acquire Safety Insurance for $1.54 Billion in Cash Deal 
As US Residential Solar Industry Craters, Florida Bucks Trend 
Why El Niño’s Promise of Quieter Hurricane Season May Not Be Good News for Insurers 
