Official: Retroactive insurance is bogus

Homeowners approached to buy this kind of insurance are urged to contact the Ohio Department of Insurance.

COLUMBUS — Ohio Department of Insurance director Mary Jo Hudson is warning victims of the recent floods in northern and central Ohio to beware of individuals who may be selling bogus flood insurance policies.

The department has received reports of people trying to sell retroactive flood insurance policies, claiming that if a homeowner purchases a flood insurance policy, the policy will cover any damages incurred during this latest flood. There is no such thing as a retroactive flood insurance policy, said Hudson.

“If a homeowner is approached by someone who claims to be selling a retroactive flood insurance policy, please ask for the person’s name and telephone number and then report this information to the Ohio Department of Insurance by calling our consumer hotline number at (800) 686-1526,” she said.

Flood insurance policies are funded by the National Flood Insurance Program and do not cover any prior flooding damages. Flood insurance policies take effect 30 days after being purchased. Homeowners should ask for identification from any insurance agent who may approach them, Hudson said.

A database of Ohio licensed insurance agents is available at the Department's Web site at www.ohioinsurance.gov.

The department continues to provide extended consumer hotline hours to assist Ohio residents who have suffered from flooding. Trained representatives can be reached at (800) 686-1526 on Saturday, Sunday and Labor Day from 8 a.m. to 2 p.m. Department representatives will also staff the Disaster Recovery Centers in Allen, Crawford, Hancock, Putnam, Richland and Wyandot counties.