In the wake of the devastating flooding caused by Hurricane Florence in the Carolinas, MarketWatch reporter Jacob Passy interviewed Clearsurance CEO and co-founder, Michael Crowe, regarding homeowners insurance coverage and natural disasters. Unlike some other natural disasters, such as wildfires or volcanic eruptions, flooding typically isn't covered by a standard homeowners insurance policy.
Below is an excerpt from the MarketWatch article:
Buying additional insurance policies for disasters like floods and earthquakes might seem like a no-brainer, but it’s an expensive proposition. “They have to do a cost benefit analysis,” said Michael Crowe, co-founder and CEO of Clearsurance, a site where consumers can review and compare insurance companies.
The average annual premium for a policy through the National Flood Insurance Program was $878 as of April 2017. But flood insurance premiums can easily cost thousands of dollars in regions that are determined to be at the highest risk of flooding.