Everyone Should Have Flood Insurance
Release Date: October 27, 2005
Release Number: 1606-049
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AUSTIN, Texas -- Flood insurance is affordable. Everyone needs it. It is the first line-of-defense to protect against the cost of flood damage.
The U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA) urges renters, homeowners and business owners to purchase flood insurance from the National Flood Insurance Program (NFIP). Ten of millions of homes in the United States are susceptible to flooding.
"We highly recommend people get flood insurance,” said Federal Coordinating Officer Sandy Coachman. “It protects you and your pocketbook in the long run.”
Flood insurance is:
- Open to everyone. Even if you don't live in a designated flood zone you can purchase flood insurance if your community participates in the NFIP. Any property can get flooded, and anyone can buy flood insurance.
- Protective of homes and contents. You can insure your home for up to $250,000 for the building and up to $100,000 for the contents. For businesses, the maximum coverage is $500,000 on the building and another $500,000 on contents. Renters can purchase up to $100,000 coverage for personal belongings. Renters also can insure their contents. Contents coverage is not automatically included with a flood insurance policy. Ask your agent.
- Payable even when no disaster is declared. Statistically, federal disaster declarations are issued in less than 50 percent of flooding incidents. An NFIP policy will pay for flood damage whether or not there is a federal disaster declaration.
- Purchasable at any time. You can purchase flood coverage at any time, but in most cases there is a 30-day waiting period after you have applied and paid the premium before the policy becomes effective.
- Available through your insurance agent. NFIP flood insurance is sold through private insurance companies and agents, and is backed by the federal government. For an agent in your area, call 1-800-720-1093.
For more information on the National Flood Insurance Program, call 1-800-427-4661.
FEMA prepares the nation for all hazards and manages federal response and recovery efforts following any national incident. FEMA also initiates mitigation activities, trains first responders, works with state and local emergency managers, and manages the National Flood Insurance Program and the U.S. Fire Administration. FEMA became part of the U.S. Department of Homeland Security on March 1, 2003.
Last Modified: Thursday, 27-Oct-2005 21:52:23