Richmond, KY -- In the aftermath of May's flooding, disaster officials are reminding homeowners throughout Kentucky that they may purchase flood insurance coverage through the National Flood Insurance Program (NFIP), a part of the Federal Emergency Management Agency (FEMA).
"Year in and year out, flooding is the leading cause of property loss from natural disasters in this country," said Mike Butler, federal coordinating officer. "But all too often, homeowners learn after the fact that protection against flood loss is not part of their normal insurance protection package."
Flood insurance can be purchased through your local insurance agent. The NFIP is sold through private insurance companies and is backed by the federal government.
"You can insure your home and all its contents against flooding for less than it costs to insure your car," said Charlie Winter, state coordinating officer. The average policy premium is a little more than $300 a year.
Important features of the National Flood Insurance Program include:
- Everyone can, and should, have flood insurance. Even if you don't
live in a designated flood zone you can purchase flood insurance if
your community participates in the NFIP. Anyone can get flooded -- and
get flood insurance. More than 90 percent of all Presidentially declared
disasters include flooding.
- Flood damage is not covered by homeowner's insurance policies. Protect
your home, business, and belongings with flood insurance, with up to
$250,000 for buildings, up to $100,000 for contents.
- Contents coverage is separate. It is not automatically included with
building coverage; ask your agent. Renters can insure their belongings,
- Less than half of the nations' flooding results in a disaster declaration.
Your policy will pay for flood damage even if there is no federal declaration.
- There is a 30-day waiting period before a flood insurance policy becomes effective. Buy it any time, but remember it isn't effective until 30 days after the first premium is credited to the account.
For complete information, call the National Flood Insurance Program toll free at 1-800-720-1090. Homeowners, renters and business owners can call for the name of local agents who handle national flood insurance.