Flood Insurance Protects Against Flood Losses
Release Date: February 24, 2009
Release Number: R1-09-003
Boston - Many New England residents are unaware that most homeowners insurance policies do not cover flood damage; and the Federal Emergency Management Agency (FEMA) encourages every homeowner, business owner or renter to seriously consider flood insurance. If you don't buy it now, you may be left without any insurance coverage when you need it most.
New England is consistently threatened by severe storms and heavy rains throughout the spring and summer seasons.
As more than 123,000 policy holders in New England can attest, flood insurance is the best way to protect against the damaging effects of flooding. In fact, New England policy-holders share more than $26 billion in coverage.
Homeowners can insure their home from flooding for up to $250,000 and its contents for up to $100,000. Renters can cover their belongings for up to $100,000. Non-residential property owners can insure a building and its contents for up to $500,000 each. The average homeowners flood insurance premium for New England policyholders is approximately $950 a year. There is a generally a 30-day waiting period before a policy becomes effective.
Property owners, renters and business owners - you can purchase flood insurance if your community is among the more than 20,200 communities that participate in the National Flood Insurance Program (NFIP), managed by the Federal Emergency Management Agency (FEMA). To purchase flood insurance, you should contact your local insurance agent. You can also visit FloodSmart.gov or call 1-800-427-2419 to find an agent in the area or learn more about flood insurance.
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: Tuesday, 24-Feb-2009 09:18:20