Include Home Flood Protection in Every Homeowners Insurance Policy
The Issue
Purpose:
This petition advocates for the inclusion of home flood protection as a standard component of homeowners insurance policies, eliminating the need for additional coverage costs.
Background:
Flooding is one of the most common and devastating natural disasters in the United States. Despite this, many homeowners are unaware that standard homeowners insurance does not cover flood damage, forcing them to purchase separate flood insurance policies at additional expense. This lack of coverage places significant financial burdens on families, especially in flood-prone areas.
Average Flood Damage Statistics:
• Frequency of Flooding:
• The Federal Emergency Management Agency (FEMA) reports that about 1 in 4 homes will experience flooding over a 30-year mortgage.
• Financial Impact:
• According to the National Flood Insurance Program (NFIP), the average flood claim between 2015 and 2019 was approximately $42,500. In severe cases, costs can reach hundreds of thousands of dollars, particularly in major disasters.
• Uninsured Losses:
• An estimated 90% of flooding damage in the U.S. is not covered by homeowners insurance. This translates to billions of dollars in uninsured losses annually, disproportionately affecting low and middle-income families who may struggle to afford additional coverage.
• Economic Consequences:
• In 2020, flooding events led to over $30 billion in damages across the country. Much of this was borne by homeowners who were not adequately insured.
Call to Action:
We urge lawmakers and insurance regulators to:
• Mandate that all homeowners insurance policies include flood protection.
• Advocate for a fair pricing model that considers the risk of flooding while making coverage accessible to all homeowners.
• Raise awareness about the importance of flood coverage among consumers.
Conclusion:
Including flood protection in standard homeowners insurance policies is not just a matter of fairness; it is a necessity for safeguarding American families and their homes. Join us in advocating for this vital change to protect lives and livelihoods from the devastating impacts of flooding
89
The Issue
Purpose:
This petition advocates for the inclusion of home flood protection as a standard component of homeowners insurance policies, eliminating the need for additional coverage costs.
Background:
Flooding is one of the most common and devastating natural disasters in the United States. Despite this, many homeowners are unaware that standard homeowners insurance does not cover flood damage, forcing them to purchase separate flood insurance policies at additional expense. This lack of coverage places significant financial burdens on families, especially in flood-prone areas.
Average Flood Damage Statistics:
• Frequency of Flooding:
• The Federal Emergency Management Agency (FEMA) reports that about 1 in 4 homes will experience flooding over a 30-year mortgage.
• Financial Impact:
• According to the National Flood Insurance Program (NFIP), the average flood claim between 2015 and 2019 was approximately $42,500. In severe cases, costs can reach hundreds of thousands of dollars, particularly in major disasters.
• Uninsured Losses:
• An estimated 90% of flooding damage in the U.S. is not covered by homeowners insurance. This translates to billions of dollars in uninsured losses annually, disproportionately affecting low and middle-income families who may struggle to afford additional coverage.
• Economic Consequences:
• In 2020, flooding events led to over $30 billion in damages across the country. Much of this was borne by homeowners who were not adequately insured.
Call to Action:
We urge lawmakers and insurance regulators to:
• Mandate that all homeowners insurance policies include flood protection.
• Advocate for a fair pricing model that considers the risk of flooding while making coverage accessible to all homeowners.
• Raise awareness about the importance of flood coverage among consumers.
Conclusion:
Including flood protection in standard homeowners insurance policies is not just a matter of fairness; it is a necessity for safeguarding American families and their homes. Join us in advocating for this vital change to protect lives and livelihoods from the devastating impacts of flooding
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Petition created on October 7, 2024