Group Flood Insurance Policies Expiring Soon
Release Date: October 9, 2008
Release Number: 1603-808
» More Information on Louisiana Hurricane Katrina
NEW ORLEANS, La. -- Following hurricanes Katrina and Rita, group flood insurance policies were purchased on behalf of 36,285 Louisiana homeowners through the National Flood Insurance Program. If your home received damage due to Hurricane Katrina and/or Rita, your coverage will end Oct. 28, 2008 or Nov. 23, 2008 respectively.
A letter informing homeowners their coverage under this policy is set to expire was sent to individuals affected by Hurricane Katrina on Sept. 10 and will soon go out to those affected by Hurricane Rita on Oct. 9.
The existing Group Flood Insurance Policy, which was funded for three years through FEMA's Individuals and Households Program, is NOT renewable. It is the responsibility of the homeowner to purchase and maintain a Standard Flood Insurance Policy when the Group Flood Insurance Policy expires. If either the homeowner or the previous tenant/homeowner received assistance from FEMA as a result of a previous disaster and the current homeowner does not continue their coverage, they will not qualify for future Federal disaster assistance, including Federal loans and Individuals and Households Program awards.
It is important to remember that no losses will be covered under the Group Flood Insurance Policy after the expiration date listed above. This includes losses in flood disasters in which no Federal disaster declaration is made.
The National Flood Insurance Program would like to remind homeowners that floods can happen anywhere and anytime. Flooding is the nation's most frequent natural disaster. Purchase a Standard Flood Insurance Policy now so that if your property floods again, you will be reimbursed for flood damage through flood insurance, and you will qualify for additional Federal assistance. To purchase a Standard Flood Insurance Policy or find out more information about the National Flood Insurance Program, please contact your local insurance agent or call toll-free at 1-800-638-6620.
Group flood insurance was not purchased for renters; however, renters should also consider purchasing flood insurance if they are not already covered.
Adequate coverage must be maintained on your home in order to qualify for future Federal disaster assistance. The coverage must be purchased and maintained as long as (1) you live in or own the home that was flooded; or (2) you are a renter and live in the same rental unit where you previously received disaster assistance through the Individuals and Households Program.
Policies are available through the National Flood Insurance Program for homeowners, renters and businesses.
Premiums are set by the National Flood Insurance Program and are determined by risk. Contact your insurance agent to obtain an insurance quote and to help you decide what type of flood protection is best for you. To learn more about what is and is not covered by flood insurance and how items are valued at the time of loss, you can go to www.fema.gov/pdf/nfip/summary_cov.pdf. Please visit FloodSmart.gov or call 1-800-427-2419 to learn how to prepare for floods, how to purchase a flood insurance policy and what the benefits are of protecting your home or property against flooding.
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, 14-Oct-2008 16:41:36