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:
- Spring flooding is almost here and there is a 30-day waiting period before coverage begins.
- Coverage is relatively inexpensive with an annual average premium of $683 in Region VIII states (CO, MT, ND, SD, UT, WY).
- 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.
- You can receive payments for flood-related losses for over-land flooding – even if no disaster was declared.
- You can depend on being reimbursed for flood damages because NFIP flood insurance is backed by the federal government.
- You do not have to repay flood insurance benefits (as you do with disaster-related assistance loans).
- Renters can purchase flood insurance contents coverage for personal belongings or business inventory.
- 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.
- You can request a partial payment immediately after the flood, which can help you recover even faster.
- 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 /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.