FEMA: Many Sandy victims may lack flood insurance

Federal Emergency Management Agency administrator Craig Fugate on Friday said many of Hurricane Sandy’s victims do not have flood insurance.

That means there’s no coverage for water damage to their homes because homeowners’ policies exclude flood damage.

“A lot of people who flooded will not have insurance whatsoever,” Fugate said.

Fugate also said one reason President Obama acted quickly to declare disaster areas eligible for federal aid is that there’s concern about uninsured flood losses.

Eligible Sandy victims can receive grants of up to $30,000 to repair their homes.