Windsor, Conn. -- 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 U.S. 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.