Hurricane Helene: A Wake-Up Call for Flood Insurance Coverage
As Hurricane Helene carved a destructive path across the Southeast, it underscored a crucial issue: a lack of flood insurance among homeowners. With storm surge and flooding accounting for the bulk of the damage, many homeowners were left unprotected. According to FEMA, only about 4% of U.S. homeowners have flood insurance, exposing a significant insurance gap that has devastating financial consequences.
Many homeowners across Hampton Roads also lack flood insurance. Several factors contribute to this gap in coverage:
-
Cost Concerns: With rising homeowners’ premiums, many skip flood insurance, seeing the annual costs as too high.
-
Risk Misconceptions: Homeowners outside high-risk zones often believe they’re safe, overlooking the threat of inland floods like those from Hurricane Helene.
-
Lack of Awareness: Many don’t realize standard homeowners insurance policies exclude flood damage, leaving them unprotected.
-
Reliance on Aid: Some rely on FEMA aid, but it typically covers only a fraction of flood recovery costs.
The Damage from Helene
While officials are still tallying the financial toll of Hurricane Helene, early estimates suggest insured property damage will exceed $3 billion in Florida and Georgia alone, based on reports from CoreLogic. Helene, one of the deadliest storms to hit the U.S. mainland, caused over 100 deaths and has drawn comparisons to Hurricane Katrina. However, unlike Katrina, where wind damage was a major factor, Helene’s destruction primarily stemmed from storm surges and flooding—risks many homeowners are not prepared for.
Skipping flood insurance is a risky gamble. Just one inch of water can cause $25,000 in damage, and the average FEMA disaster assistance grant is only $3,000—a fraction of the potential loss. Helene’s widespread flooding serves as a stark reminder that floods can happen far from the coastline, and the financial consequences can be devastating without proper coverage.
At Goodrich & Watson, we’re committed to helping our community understand the importance of being fully protected against all risks. Hurricane Helene is a stark reminder that floods can strike where we least expect, and the cost of being uninsured is too high.
If you have questions about flood insurance or want to review your current coverage, reach out to us today.
