|Federal Information & News Dispatch, Inc.|
Flood Insurance Is Best Protection against Huge Losses
Release Number: 4059-025
Insurance companies seldom offer coverage for flood damage.
The National Flood Insurance Program provides federally backed insurance to property owners, business owners and renters in communities nationwide that participate in the program. These jurisdictions have agreed to adopt and enforce floodplain ordinances that meet or exceed
"The NFIP covers upwards of 5.5 million homeowners, renters and businesses in more than 21,000 communities nationwide,"
Since its establishment in 1978, the NFIP has paid some
Many people don't buy flood insurance because they believe they cannot qualify for it, or that it will cost more than they can afford. This is not usually the case, according to Sobota. Insurance agents who sell the coverage can quote costs and determine eligibility. A
Some mistakenly believe flood insurance is not available to them because their neighborhood has never flooded or they are not in a Special Flood Hazard area. But more than 25 percent of claims paid are in areas at medium or low risk of flooding. In these areas, flood insurance can be bought for as little as
Sobota noted that major disasters are declared in less than half the floods that occur. "National Flood Insurance Program claims, on the other hand, are paid regardless of whether a disaster is declared," he said.
For additional information about flood insurance contact your local agent or visit www.floodsmart.gov to find an agent in your area. To see if your community participates in the NFIP, visit www.fema.gov/fema/csb.shtm.
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