NASHVILLE – As Tennesseans work to rebuild following the tornadoes of May 8, 2024, the Tennessee Department of Commerce & Insurance (TDCI) and the Tennessee Emergency Management Agency (TEMA) are urging residents to consider flood insurance as part of their emergency preparedness plans. The recent disasters serve as a reminder of Tennessee’s vulnerability to flooding. This month marks the fourteenth anniversary of the historic floods that caused over $2 billion in damages and claimed more than 20 lives in the state.
“We commemorate the lives that have been lost to severe weather and continue to dedicate ourselves to making strides toward greater preparedness when it comes to flooding,” said TDCI Commissioner Carter Lawrence. He emphasized that traditional homeowners’ policies do not cover flood damages, making flood insurance a critical financial safeguard.
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TEMA Director Patrick C. Sheehan added, “After the devastation of a flood, flood insurance isn’t just a financial safeguard, but a vital lifeline that helps rebuild lives, homes, and communities.” He stressed the importance of knowing one’s flood risk and understanding vulnerability to ensure protection and peace of mind.
For those seeking more information about their flood risk, the FEMA website provides useful resources. Visit the FEMA website to learn more.
TDCI encourages consumers to consider the following before purchasing flood insurance:
– According to the Federal Emergency Management Agency (FEMA), consumers in low or moderate flood risk areas are five times more likely to experience a flood than a fire over the next 30 years. More than 40% of National Flood Insurance Program (NFIP) claims come from outside high-risk areas. The FEMA flood map service helps determine a home’s flood risk, categorized into high-risk, moderate- to low-risk, and undetermined risk areas.
Common misconceptions about flood insurance include:
– **MYTH:** Homeowners or renters insurance will cover flood damage.
**FACT:** Most homeowners and renters insurance policies do not cover flood damages. Only a flood insurance policy will cover such damages.
– **MYTH:** FEMA assistance will cover flood damages.
**FACT:** Not everyone qualifies for FEMA assistance, and post-disaster grants average less than $8,000, whereas just one inch of water can cause $25,000 in damage.
– **MYTH:** Flood insurance is unavailable if the property has previously flooded.
**FACT:** Eligibility for flood insurance through the NFIP is not affected by flood history if the community participates in the program. Private flood insurance options are available in areas where NFIP insurance is not.
– **MYTH:** Only homeowners can purchase flood insurance.
**FACT:** Renters can also purchase flood insurance to cover their belongings.
– **MYTH:** Flood insurance can be purchased immediately before a storm.
**FACT:** NFIP policies typically have a 30-day waiting period before taking effect. Private policies may have different waiting periods.
For more information about flood insurance, visit tn.gov/insurance or floodsmart.gov. To contact the NFIP, call 800-427-4661.
Source: Read Original Release
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