Gov. Malloy: Losses from Potential Spring That Floods a Concern in Wake of Record Snowpack
Press Release
With more significant snow and a possible ice storm bearing down on Connecticut this week, Governor Dannel P. Malloy today is urging residents to plan ahead now to protect and insure their property from potential damaging floods once the record snowpack begins to melt.
The Governor said homeowners, renters and businesses who are considering taking out federal flood insurance must realize that there is a 30-day waiting period from time of purchase before the policy goes into effect.
"There is simply nowhere for this record snow to go and homeowners across Connecticut are understandably anxious about what will happen to their basements, garages and other structures once it starts melting," Governor Malloy said.
"It would be devastating to find out after the flooding that losses are not covered. Given the 30-day waiting period for flood insurance, I urge anyone interested to begin making plans now to buy it. January was the snowiest month on record in Connecticut, and little -- if any -- of the snowpack has melted so far," Governor Malloy said.
Standard homeowners insurance doesn't cover flooding. Flood insurance is a special policy that is federally backed by the National Flood Insurance Program (NFIP) and is available for homeowners, businesses and renters. The NFIP recognizes midwinter thaw or snowmelt as one potential source of damaging floods because it can produce a large amount of water in a short period of time. According the Federal Emergency Management Administration, a 10-foot-high snow bank, 20-feet in diameter contains about 2,600 gallons of water.
Some quick facts about flood insurance:
* You do not need to live near water to be flooded
* Homes can be insured for up to $250,000 for the building, $100,000 for contents
* Commercial building can be insured for up to $500,000 for the structure, $500,000 for contents
* Renters can buy flood insurance for the contents of their home or apartment
* There are coverage limitations for basements and crawlspaces
* Flood insurance pays for covered flood losses even if a federal disaster is not declared
* Nearly 100 private insurance companies offer flood insurance that is backed by the federal government.
* You can buy flood insurance no matter where you live in Connecticut, provided they are NFIP participating communities, which are cities and towns that agree to adopt and enforce sound floodplain regulations. See list of Connecticut communities that participate in the NFIP at: http://www.fema.gov/cis/CT.html
For more information on where to purchase flood insurance and other frequently asked questions: www.floodsmart.gov
For information on NFIP and snowmelt issues: http://www.floodsmart.gov/floodsmart/pages/flooding_flood_risks/snow_melt.jsp
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