PSA from FEMA: Top Ten Reasons to Buy Flood Insurance Now

[The Straight Story]

Top Ten Reasons to Buy Flood Insurance Now

Release Date: March 16, 2009
Release Number: R8-09-009

» 2009 Region VIII News Releases

Regular business or homeowner’s insurance does not cover flood damage.

The only way to get flood insurance is through the federally funded National Flood Insurance Program (NFIP). If your community participates in the program, you are eligible - whether or not you live in a high-risk flood zone.

Communities that participate in the NFIP have agreed to follow certain floodplain management regulations that reduce the risk and dangers of floods. That is why residents of participating communities can purchase flood insurance that compensates owners and renters for all covered flood-related losses to a home or business after the deductible is met.

The Top Ten Reasons to Buy Flood Insurance Now:

1. Spring flooding is almost here and there is a 30-day waiting period before coverage begins.
2. Coverage is relatively inexpensive with an annual average premium of $683 in Region VIII states (CO, MT, ND, SD, UT, WY).
3. If your community participates in the NFIP, you are eligible to get flood insurance even if you are located outside the 100-year flood plain.
4. You can receive payments for flood-related losses for over-land flooding – even if no disaster was declared.
5. You can depend on being reimbursed for flood damages because NFIP flood insurance is backed by the federal government.
6. You do not have to repay flood insurance benefits (as you do with disaster-related assistance loans).
7. Renters can purchase flood insurance contents coverage for personal belongings or business inventory.
8. Basement coverage includes cleanup expense and repair or replacement of items such as furnaces, water heaters, washers, dryers, air conditioners, freezers, utility connections, and pumps.
9. You can request a partial payment immediately after the flood, which can help you recover even faster.
10. Buying flood insurance is the best thing you can do to protect your home and business, and your family's financial security from a flood.

To contact a flood insurance agent serving your area, check out: www.floodsmart.gov.

To find out if your community participates in the National Flood Insurance Program, contact your insurance agent, or go to http://www.fema.gov/cis/ND.html.

FEMA leads and supports the nation in a risk-based, comprehensive emergency management system of preparedness, protection, response, recovery, and mitigation, to reduce the loss of life and property and protect the nation from all hazards including natural disasters, acts of terrorism, and other man-made disasters.

http://www.fema.gov/news/newsrelease.fema?id=47641

[merh]

1. It is inexpensive

$400 for flood & over $5000 for home owners -

I also have earthquake insurance now, it too is relatively inexpensive and you never know.

[SteveG]

5. not that inexpensive.

I live near the beach in southern DE. I pay $1,078 for $125,000 structure /$50,000 contents with a $5,000 deductible on each. My homeowners insurance for everything else is $438 per year with a $500 deductible for $150,000 on structure and $25,000 on contents.

[merh]

6. Like I said here flood is $400 a year and home owners

$5,000.00 - Just wait for your homeowners to do a spin as it did for us.

[NV Whino]

2. Is this before or after the banks are bailed out? (No pun intended.)

5. You can depend on being reimbursed for flood damages because NFIP flood insurance is backed by the federal government.

[MrsBrady]

3. we bought our flood insurance two summers ago.

the kind of spring rains we had that year scared the crap out of me.
we almost had water in the house. NOT exaggerating.

we service ours through State Farm with our homeowners...

But it wasn't that much, $about 300-400...don't remember off hand.
Don't know how it's priced. we have a small home in the DFW area.

anyway, we have ours.

[elocs]

4. I will not buy flood insurance even though I live only 1 block from a river.

I personally know and understand my position and risk and I am not concerned. We have had floods here the past few years and the small river near where I live would have to rise an additional 10 feet to even reach the road. Outside of a 10,000 year flood, that is not going to happen. If I felt there was an actual risk I would buy flood insurance, but in my case there is not. I have no intention of purchasing insurance to protect me from every remote negative eventuality that might befall me in life.

Plus, my city has a huge natural reservoir in the center of town that fills in nicely when there is a flood (none predicted this spring) and it is called a "marsh" by those of us who like it and a "swamp" by those who do not.