Wise, VA -- Maintaining a flood insurance policy is one of the most effective
protections against the cost of flood damage, according to Federal Emergency
Management Agency (FEMA) officials.
Many residents of Southwest Virginia found out in the aftermath of the March flooding that homeowner policies do not cover damage from rising waters. Steps can be taken now to protect against future flood losses.
Flood insurance backed by the federal government is available to any homeowner, renter or business owner whose property is in a community that participates in the National Flood Insurance Program (NFIP). Community participation requires adopting and enforcing local floodplain management ordinances designed to lower the risk of future flood losses.
Residents of any NFIP participating community can buy flood insurance from any licensed agent or company. The premiums for such flood insurance vary according to the risk, the amount of coverage, the deductible amount selected, and the type of building. Nationwide, the average is about $380 a year for $137,000 of coverage.
The coverage limits are as follows:
|Single Family Home:||$250,000 on the structure, $100,000 on the contents.|
|Businesses:||$500,000 on the building, $500,000 on the contents.|
|Renters:||$100,000 for personal belongings|
Even if a home or business is not in a floodplain, flood insurance is advisable. Nearly 25 percent of NFIP claims come from properties considered to be at low or moderate risk of flood damage.
More information about the National Flood Insurance Program is available by contacting a local insurance agent or calling the NFIP toll free number, 1-888-356-6329.
Flood Insurance Facts
|MYTH:||My standard homeowners insurance will cover me if my house is damaged or destroyed in a flood.|
|FACT:||Homeowners insurance does not cover flood damage. Federal flood insurance, purchased through your insurance agent or company, is the only guaranteed flood insurance coverage available for your home.|
|MYTH:||Federal disaster aid, available during and after a flood, will reimburse me for losses. Therefore, I don't need to buy flood insurance for my home and belongings.|
|FACT:||Federal disaster aid is only available for presidentially-declared "major" disasters. And most such federal aid is in the form of loans that must be repaid with interest. Flood insurance policies pay claims whether or not a disaster is declared.|
|MYTH:||I live outside the floodplain, so I don't need to buy flood insurance.|
|FACT:||Nearly 25 percent of National Flood Insurance Program (NFIP) claims are for structures outside identified flood plains. Floods can occur anywhere. People who f...|