Flooding: America's #1 Natural Hazard!
Release Date: August 16, 2004
Release Number: 1530-027
» More Information on New Jersey Severe Storms and Flooding
Why Care About Flooding in New Jersey?
Floods are the most common natural disaster in the United States. Not counting the damages still being assessed from Hurricane Charley last week in Florida, they've caused more than $7.1 billion in U.S. flood losses in the last 10 years. There is a 26 percent chance of experiencing a flood during the life of a 30-year mortgage, compared to a four percent chance of fire. However, losses due to flooding are not covered under typical homeowner's and business insurance policies.
Causes of Flooding
FLASH FLOODS
(Source: Federal Emergency Management Agency - www.fema.gov) |
- Hurricanes and tropical storms cause floods that can create far more damage than high winds.
- Nor'easters, or extratropical cyclones, also cause flooding and storm surge.
- Heavy rains, winter storms, and spring thaws bring flooding to river basins.
- Overburdened or clogged drainage systems lead to property damage both within and outside floodplains.
- Construction and new development affect natural drainage and create new flood risks.
Why Home and Business Owners Need Flood Insurance
- Flood Insurance protects you from flood damage.
- Flood insurance is an important step in protecting your financial investment.
- The risk is real wherever you are: 25-30 percent of all flood losses occurs in low- to moderate-risk zones.
- The average flood insurance policy premium costs approximately $411 a year - that's a little more than $1 a day. Lower-cost coverage is available for homes and businesses in low- to moderate-risk zones.
How Can You Determine Your Risk?
Visit www.FloodSmart.gov! Enter your address and the site will tell you whether your property is in a high risk, moderate risk, or low risk area. FEMA is also undertaking a nationwide initiative to produce new digitized flood maps for hundreds of communities over the next five years. These new maps will reflect continuing changes in floodplains caused by new development and natural forces.
News for Low-Risk Properties: Expanded, Lower-cost Coverage
If a single family home or business is located in a low- to moderate-risk area, the owners may be eligible for the Preferred Risk Policy (PRP). For homeowners, this policy covers both the home or contents and starts at about $112 a year. PRP policies are now available for businesses as well as saving about 30 percent off standard premiums. Contents-only PRP policies are now available for renters. Ask an insurance agent for details.
INLAND FLOODING
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What Other Flood Precautions Should People Take?
Being flood smart includes protecting your property before floods occur. Be sure that major appliances, electric switchboxes, outlets and heating equipment are well above potential flood levels. Install floating drain plugs and sewer system backflow valves can help prevent flood drain overflow. Learn more about flood precautions at www.fema.gov/library/prepandprev.shtm#fima or at www.FloodSmart.gov.
On March 1, 2003, FEMA became part of the U.S. Department of Homeland Security. FEMA's continuing mission within the new department is to lead the effort to prepare the nation for all hazards and effectively manage federal response and recovery efforts following any national incident. FEMA also initiates proactive mitigation activities, trains first responders and manages the National Flood Insurance Program and the U.S. Fire Administration.
Last Modified: Monday, 16-Aug-2004 15:51:59