Survey Underscores Need for Flood Insurance
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Audio File and Transcript
June 16, 2008
Download the MP3 file.
This is Jeanne Salvatore, senior vice president and consumer spokesperson at the Insurance Information Institute. What follows are written quotes from the news release on the Midwest floods and the new I.I.I. survey underscoring the need for flood insurance.
Record widespread flooding across the Midwest highlights the catastrophic damages that flooding can cause. Yet a survey conducted for the I.I.I.) reveals that only 17 percent of Americans have a flood insurance policy.
The results show that although more people are buying flood insurance the percentage is still dangerously low.
The survey also found that in the Northeast, the proportion of homeowners with flood insurance rose by 10 points, from 10 percent in 2007 to 20 percent in 2008.
In the Western region, 15 percent said they have flood insurance in 2008, up from 13 percent in 2007.
Slightly fewer homeowners in the South now say they have flood insurance—17 percent compared with 20 percent a year ago.
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