Missouri Policyholders Receive $38 Million in Flood Payments

JEFFERSON CITY, Mo., June 27 -- The U.S. Department of Homeland Security's Federal Emergency Management Agency issued the following news release:

Flood insurance policyholders in Missouri have been paid more than $38 million so far in claims filed with the National Flood Insurance Program (NFIP).

As of June 26, 1,296 policyholders have filed claims for coverage of flooding that occurred between April 28 and May 11, 2017. NFIP has closed 774 of those claims with payments totaling $38,679,434. Claims processing continues.

Flood insurance payments began before the federal disaster was declared. The total amount paid on all claims prior to the June 2 declaration was $19,216.363.

Policies issued by NFIP pay even if a federal disaster is not declared. FEMA Individual Assistance (IA) grants are available only after federally declared disasters. Historically, federal disasters are declared in less than 50 percent of flood events.

The flooding damaged more than 1,000 structures in Missouri. Many homeowners, business owners and renters had a flood insurance policy, but some did not. Floods can affect anyone and are the most common and most costly natural disasters in the United States. Without flood insurance it may be too costly for the owners to repair or rebuild after the disaster.

NFIP aims to reduce the impact of flooding by providing affordable insurance to property owners and by encouraging communities to adopt and enforce floodplain management regulations.

The cost of a policy depends on the flood risk, but the average cost for a homeowner is approximately $1,000 per year in Missouri. It is essential that homeowners speak with their insurance agent to determine exact costs.

Flooding can occur almost anywhere. It occurs in moderate-to-low risk areas as well as in high-risk areas.

NFIP offers flood insurance to homeowners, renters and business owners if their community participates in the program, providing more than $4 billion in flood insurance coverage for Missouri homes and business annually.

Renters who live in a community that participates in NFIP can get flood insurance to cover the contents of their home, apartment or business at a rented location.

For more information, go online to www.FloodSmart.gov or call the NFIP helpdesk at 800-427-4661.