Flooding Can Happen to You - Buy Flood Insurance Now
Release Date: June 22, 2007
Release Number: 1603-651
» More Information on Louisiana Hurricane Katrina
» More Information on Louisiana Hurricane Rita
NEW ORLEANS, La. -- Hurricane season has just begun and the Federal Emergency Management Agency (FEMA) has a message for you - buy flood insurance now.
You can protect yourself and your future from the crippling financial losses often caused by flooding through a program administered by FEMA. The National Flood Insurance Program (NFIP) provides coverage that your homeowners insurance does not - coverage for damages caused by floods. The clock is ticking, though. With a 30-day waiting period required before the policy takes effect, now is the time to buy.
"Having your home flood and losing all your possessions that were dear to you is unforgettable. Not being able to rebuild because you had no flood insurance is just as unforgettable. If you live anywhere in Louisiana, I recommend you get a flood policy," said Wayne Berggren, National Flood Insurance Program Supervisor, New Orleans Transitional Recovery Office. "The statement 'it never flooded here before' is one of the worst things you can hear after your home gets water in it and you are not insured."
As long as your community participates in the NFIP, you can purchase a flood insurance policy, whether you live in an area likely to flood or in one that is low risk. Four types of coverage are available:
- Residential Building Coverage - up to $250,000 for single-family, two to four family, and other residential buildings;
- Commercial Building Coverage - up to $500,000, including small businesses;
- Contents Coverage - up to $100,000 for contents of residential buildings and up to $500,000 for contents in nonresidential buildings, including small businesses;
- Renters Coverage - up to $100,000 for contents coverage for renters.
In the face of mounting flood losses and escalating costs of disaster relief to U.S. taxpayers, Congress established the NFIP in 1968. The goals of the program are to reduce future flood damage through floodplain management and to provide people with flood insurance.
Community participation in the NFIP is voluntary, although some states require NFIP partnership as part of their floodplain management programs. To find out if your community is a member, contact your local building official or emergency management official.
For more information or to find an insurance agent near you who sells flood insurance, visit www.floodsmart.gov.
FEMA coordinates the federal government's role in preparing for, preventing, mitigating the effects of, responding to, and recovering from all domestic disasters, whether natural or man-made, including acts of terror.
Last Modified: Friday, 22-Jun-2007 11:10:50