Flood Insurance

Standard homeowners and renters insurance does not cover flood damage. Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program - NFIP (888-379-9531) and from a few private insurers.

The NFIP provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions. The NFIP policy provides replacement cost coverage for the structure of your home, but only actual cash value coverage for your possessions. Replacement cost coverage pays to rebuild your home as it was before the damage. Actual cash value is replacement cost coverage minus depreciation so that the older your possessions are, the less you will get if they are damaged. There may also be limits on coverage for furniture and other belongings stored in your basement.

Flood insurance is available for renters as well as homeowners. You will need flood insurance if you live in a designated flood zone. But flooding can also occur in inland areas and away from major rivers. Consider buying a flood insurance policy if your house could be flooded by melting snow, an overflowing creek or pond or water running down a steep hill. Don’t wait for a flood season warning on the evening news to buy a policy—there is a 30-day waiting period before the coverage takes effect.

Excess flood insurance is also available from some private insurers for those who need additional insurance protection over and above the basic policy or whose community does not participate in the NFIP. Depending on the amount of coverage purchased, an excess flood insurance policy will cover damage above the limits of the federal program on the same basis as the federal program—replacement cost for the structure and actual cash value for the contents.

Excess flood insurance is available in all parts of the country—in high risk flood zones along the coast and close to major rivers as well as in areas of lower risk—wherever the federal program is available. It can be purchased from specialized companies through independent insurance agents, or from regular homeowners insurance companies that have arrangements with a specialized insurer to provide coverage to their policyholders.

To find out whether private primary flood insurance is available in your area, contact your insurance agent.

Source: The Insurance Information Institute www.iii.org

IMPORTANT CONTACT INFORMATION

To apply for assistance:

Customer service 800-621-3362

Call TTY (800) 462-7585 for people with speech or hearing disabilities.

Status of application (800) 621-FEMA

Report a false damage claim:

Call 1 (800) 323-8603

Preferred Risk Policy Eligibility Extension

For Property Owners and Renters

Flood maps are changing as the assessment of flood risks changes due to community development, aging flood control structures, natural changes to topography, and better technology. The NFIP wants to ease the transition for property owners who have been newly mapped into a high-risk flood zone and the mandatory flood insurance purchase requirements that go along with map changes. If your property was newly mapped into a high-risk flood zone on or after October 1, 2008, you may be eligible for the lower-cost Preferred Risk Policy for up to 2 years.

A consumer fact sheet was developed to provide you with important information on this new rating option.

For questions, or to determine eligibility, please contact your insurance agent or local community official. Additional information can also be found at www.FloodSmart.gov/PRPExtension.