If You Think You Don't Need Flood Insurance, Think Again

Monday, July 26, 2010 | 07:34am
NASHVILLE – You don’t need to live near water to be flooded. Storms, hurricanes, water backup from an overloaded drainage system or a broken water main can cause flooding. In other words, no one is safe from flooding.  
“More than 25 percent of all claims for flood insurance are for properties that were not expected to flood,"" said Federal Coordinating Officer Gracia Szczech of the Federal Emergency Management Agency (FEMA). “If you have flood insurance, your claims will be paid regardless of whether the president declares a disaster.""
 
Most forms of federal disaster assistance require a presidential declaration. Flood insurance payments do not.
 
Many people wrongly believe their homeowners policies cover flood damage. The National Flood Insurance Program (NFIP), which FEMA administers, provides flood insurance for residential and business owners as well as renters. NFIP insurance is sold through private insurance companies and is backed by the federal government.
 
Flood insurance reimbursements can be as high as $250,000 for homes and $500,000 for business property. Contents coverage is also available up to $100,000 for homeowners and $500,000 for businesses. Residential and commercial renters can also buy contents coverage. The average annual premium for a flood insurance policy is a little more than $500.
 
On July 2, President Obama signed a bill reauthorizing the NFIP through Sept. 30, 2010. Policies purchased now will be effective 30 days after the premium is paid and will remain in effect for one year.
 
For more information on NFIP, visit www.FloodSmart.gov or call your local insurance agent.
 
 
The social media links provided are for reference only. FEMA and TEMA do not endorse any non-government websites, companies or applications.

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