With permission from iii.org
Wind-damaged property damage is covered by ordinary homeowners, tenants and business insurances. Rental insurance covers the tenant's property; the landlord insures the structure.
Damage to property in a home, the tenant's property and a business – resulting from a flood – are usually covered by FEMA's National Flood Insurance Program (NFIP) and by certain private insurance companies.
Private passenger vehicles damaged or destroyed by either wind or floods are covered by the voluntary comprehensive part of a car insurance. Nearly 80 percent of U.S. drivers choose to purchase comprehensive coverage.
"Superstorm Sandy, which affected the Northeast, including New Jersey and Long Island, was the deadliest and most devastating storm of the Atlantic 201
Most people living in flood-prone areas of the country do not have flood insurance. The average coverage rate for flood insurance – meaning the proportion of property owners buying these insurances – was 15 percent nationwide, a Triple-I survey found in 2018. In Ocean County, NJ, for example, the coverage rate in 2018 was 17.8 percent, compared to Suffolk County, Long Island, where only 6.2 percent of properties have flood insurance.
Tropical Storm Fay is the sixth name storm 2020, marking the first time six tropical cyclones have formed in the Atlantic basin so early in the calendar year. Dr. Phil Klotzbach, a non-resident researcher in Triple-I, and his atmospheric science team at Colorado State University released an updated forecast last month that called for "well above average" tropical cyclone activity for the 2020 balance.