Interest in flood insurance spikes
The Atlanta Journal-Constitution
Interest in purchasing flood insurance has spiked in recent days, local insurance agents say.
While it’s too soon to compile statistics, insurance company executives say, telephone calls to agents at two leading companies in Georgia, State Farm and Allstate, have increased significantly.
“Is interest up? The answer is yes,” said State Farm spokesman Justin Tomczak.
He called the increase in interest “encouraging.”
“In the past three years I haven’t seen the interest in flood insurance that I’ve seen in the last three days,” said State Farm agent in Canton, Trummie Lee Patrick III.
He said he’s had about 45 calls this week, although there were fewer Thursday.
“The one positive (about the flooding),” he said, “is that it’s brought an awareness to the peril that is flooding and the need to be protected.”
Insurers say that in recent years, according to the Federal Emergency Management Association, about one-quarter of flood insurance claims came from areas not considered at high risk.
Also, according to FEMA, a person has 26 percent chance of experiencing a flood during the life of a 30-year mortgage, compared with a 4 percent chance for fire.
Most home insurance policies do not cover losses from flooding. Homeowners can purchase federally-sponsored flood insurance through the National Flood Insurance Program. New policies can’t be activated for 30 days.
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