FEMA: More Facts About the National Flood Insurance Program (pt. 2)
In 1968, Congress created the National Flood Insurance Program (NFIP) to enable property owners to protect themselves against flood losses. The NFIP offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding. Today, more than 20,000 communities participate in the NFIP nationwide.
Myths and Facts about Flood Insurance
Myth: Flood insurance doesn’t cover flooding in basements.
Fact: Yes, it does. An NFIP policy covers basement cleanup expenses and items used to service the building.
Myth: The NFIP does not cover flooding resulting from hurricanes, or the overflow of rivers or tidal waters.
Fact: NFIP flood insurance covers many instances of flooding which do not trigger a disaster declaration, including those caused by hurricanes as well as rivers overflowing or tidal surges.
Myth: The NFIP encourages development in flood-prone areas.
Fact: One of the NFIP’s primary objectives is to minimize the impact to structures that are built in Special Flood Hazard Areas by requiring them not to obstruct the natural flow of floodwaters. Also, structures built within SFHAs must adhere to strict floodplain management regulations.
Myth: Flood insurance is too expensive. I can’t afford it.
Fact: As with any type of property insurance, the premium depends on the degree of risk for the particular property and the amount of insurance coverage you need. The average homeowner pays about $600 a year for flood insurance. To find out what your premium for flood insurance would be, go to the www.FloodSmart.gov website and enter the address of your property.
Myth: If I accept FEMA assistance, I have to buy flood insurance.
Fact: Maybe. When uninsured property owners or renters receive financial assistance from the federal government following a presidentially-declared disaster, they will be required to purchase flood insurance if their damage occurred in a Special Flood Hazard Area.
Myth: I only have to buy flood insurance if I receive the maximum grant from Individual Assistance.
Fact: No. Any grant or loan, from FEMA or the United States Small Business Administration, which relates to damage to a structure located in a Special Flood Hazard Area triggers the requirement.
For additional information or to locate an agent who sells flood insurance in your area, call 888-379-9531 or visit www.FloodSmart.gov.
FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.
Reported by: FEMA
Published on: 2012-02-07
Limited copyright is granted for you to use and/or republish any story on this site for
any legitimate media purpose as long as you reference 7thSpace and any source mentioned in the story above. Please
make sure to read our disclaimer prior to contacting 7thSpace Interactive. To contact our editors, visit our online helpdesk. If you wish submit your own press release, click here.
Social Bookmarking
RETWEET This! | Digg this! | Post to del.icio.us | Post to Furl | Add to Netscape | Add to Yahoo! | Rojo
|
|
