What is flood insurance, and why do you need it? | CNN Business

But only four property owners in the entire town have active flood insurance policies. That’s according to the most recent data from the Federal Emergency Management Agency , which runs the program. That means the overwhelming majority of homeowners cleaning up from the flood are discovering that their homeowners policies will not compensate them for the damage caused by the massive storm.

flood insurance enough? Under flood insurance, but those living in higher risk areas may be required to purchase a plan. For example, much of Miami is considered a Special Flood Hazard Area. In those places, flood insurance is mandatory for any property owner with a federally backed mortgage. However, there are many people living in flood zones or areas with moderate risk who either choose not to get flood insurance or opt to let their policy lapse.

designates as a ‘Special Flood Hazard Area,’” said Lightbody. Should I get flood insurance? According to

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Sarah Silverman sues OpenAI and Meta alleging copyright infringement | CNN BusinessComedian Sarah Silverman and two authors are suing Meta and ChatGPT-maker OpenAI, alleging the companies’ AI language models were trained on copyrighted materials from their books without their knowledge or consent.
Source: cnni - 🏆 326. / 59 Read more »

Another major insurance company limits new homeowners insurance in California | CNN BusinessFarmers Insurance has limited new homeowners insurance policies in California, joining other major national insurance providers.
Source: CNN - 🏆 4. / 95 Read more »

Foxconn pulls out of $19 billion chipmaking project in India | CNN BusinessFoxconn says it is exiting an ambitious project to help build one of India’s first chip factories.
Source: cnni - 🏆 326. / 59 Read more »

China extends some policies to support its troubled property market | CNN BusinessChina has extended some policies to bolster its ailing property market, as the country struggles to reignite economic growth.
Source: cnni - 🏆 326. / 59 Read more »