Nonresident Property Owners May Be Eligible For Flood Insurance
Release Date: July 31, 2002
Release Number: 1425-55
» More Information on Texas Severe Storms and Flooding
San Antonio, TX -- Property owners of second homes or vacation homes affected by the Texas floods of 2002, whether their primary residence is in the state of Texas or not, may be able to purchase flood insurance coverage even if they don't reside on the property.
Flood insurance may be purchased on their structures and contents through a separate National Flood Insurance Program (NFIP) policy administered by the Federal Insurance Administration, a part of the Federal Emergency Management Agency (FEMA), and available through any licensed property agent who is in good standing with their state's Department of Insurance.
The insurance policies are available only in communities that have agreed to adopt and enforce sound floodplain management practices. "There are about 11 million buildings located in designated flood hazard areas in the United States, yet only about 25 percent of them are insured against floods," said Scott Wells, federal coordinating officer.
"Year in and year out, flooding is the leading cause of property loss from natural disasters," said Duke Mazurek, state 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."
Benefits of NFIP coverage include:
- Eligibility for secured financing to buy, build or improve structures in special flood hazard areas.
- Protection against being uninsured in the event of a flood.
- Less expensive than disaster loans.
"The clear message," Wells said, "is we want people protected from the devastation of flooding at all times. It isn't fair to leave the impression that disaster aid will always be there as a substitute for flood insurance."
To find out whether a community is participating in the NFIP program, businesses and homeowners can call the NFIP general information toll-free number at 800-427-4661.
More information about the National Flood Insurance Program is available on FEMA's web page at http://www.fema.gov/nfip and on the Texas Division of Emergency Management homepage at http://www.txdps.state.tx.us/dem.
Last Modified: Wednesday, 13-Aug-2003 14:00:28