Recent destructive storms and record-setting floods in the Midwest have left many homeowners grappling with the aftermath of flooding. Rick Satterwhite, residing in South Sioux City, Nebraska, didn’t have flood insurance for his house until this week when he had to pump water out of his basement after the storms. Flood insurance must be purchased separately from homeowners insurance, and many homeowners in the affected states of Nebraska, South Dakota, Iowa, and Minnesota lack this coverage.
As climate change increases flood risk, more severe weather disasters are occurring, leading to higher insurance rates and a reluctance among some homeowners to purchase flood insurance. The recent storms have also affected smaller rivers that don’t usually overflow, catching residents off guard.
While federal flood insurance can provide coverage, it may not always be enough to replace an entire destroyed house. The private market also offers policies to fill the gap, but selling more policies remains a challenge nationwide. FEMA provides grants and low-interest loans to help uninsured homeowners with temporary housing, repairs, and essentials in the wake of disasters.
Experts emphasize the importance of flood insurance and taking proactive steps to mitigate flood risk when rebuilding after a flood. It’s crucial for homeowners in flood-prone areas to consider purchasing flood insurance to protect themselves from the financial burden of repair costs in the event of a flood.
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