Why should I get flood insurance?
- Floods can happen anywhere. All homes have some risk of a flood yet only 3% of Virginians have flood insurance.
- Flood damage is not usually covered by homeowners insurance.
- Flood insurance can pay whether or not there is a Presidential Disaster Declaration.
- Federal disaster assistance comes in two forms: a loan, which must be paid back with interest, or a FEMA disaster grant, which is about $5,000 on average per household. By comparison, the average flood insurance claim in 2018 was more than $40,000
- You could be required to have flood insurance. If you’re in an area with a high risk of flooding, congress has mandated federally regulated or insured lenders to require flood insurance on mortgaged properties in those areas. However, even if your property is not in a high risk flood area, your mortgage lender may still require you to have flood insurance.
- For more information, check out FEMA’s Insurance Information site.
The National Flood Insurance Program(NFIP)
The NFIP provides affordable insurance to property owners, renters and businesses and by encouraging communities to adopt and enforce floodplain management regulations. These efforts help mitigate the effects of flooding on new and improved structures. The program reduces the socio-economic impact of disasters by promoting the purchase and retention of flood insurance and other risk insurances.Sign up for GovDelivery to get the latest information.
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