Insure Your Property
But wait, I already have home owners insurance?
A common belief from most homeowners is that flood damage is covered by their standard insurance policy. Unfortunately, this is usually not the case. Most standard homeowner’s insurance policies do not cover damage caused by flooding.
Do I need flood insurance?
If you are located within a special flood hazard area (SFHA) and have a federally backed mortgage then you are required by law to have flood insurance.
If you are not in a SFHA, then it may be a good idea to have a flood insurance policy. Why? Because although you may be at a lower risk of flooding, the chance is still there. In fact, from 2014 to 2018, policyholders outside of the SFHA areas filed over 40 percent of all NFIP flood insurance claims.
Having a flood insurance policy can help reduce the cost in the event of flooding. But don’t wait until the last minute! Flood insurance policies typically take 30 days to go into effect.
What if I rent?
If you're a renter, the NFIP offers affordable renters flood insurance to protect the things you care about in the event of a flood. Ask your landlord first to see if they have flood insurance on the property. If they don't then you can look into getting your own insurance here. Coverage limits can be up to $100,00 and can include your furniture, clothes, television, computers, and other items.
What does flood insurance cover?
While every policy is different, the following items are a sample of what's typically covered under the building coverage:
- The building and its foundation
- Carpet permanently installed over unfinished flooring
- Central air-conditioners
- Electrical systems
- Furnaces and radiators
- Ranges, cooking stoves, and ovens
- Refrigerators
And if you receive coverage for your contents as well, some items that are typically covered are:
- Personal belongings such as clothing, furniture, and electronic equipment
- Washers and dryers
- Food freezers and the food in them
- Portable microwave ovens and dishwashers
Insurance coverage limits:
| Property Type | Building Coverage | Contents Coverage |
|---|---|---|
| Single-Family Home | $250,000 | $100,000 |
| Residential Mobile/Manufactured Home | $250,000 | $100,000 |
| Residential Condominium Unit in a Residential Building | $250,000 | $100,000 |
| Rented Residence (apartment, rented single-family, etc.) | N/A | $100,000 |
| Non-Residential Building (office, retail space, hotel, condominium, etc.) | $500,000 | $500,000 |
| Other Non-Residential Building (office, house of worship, garage, school, clubhouse) | $500,000 | $500,000 |
National Flood Insurance Program and Community Rating System
The National Flood Insurance Program (NFIP) provides federally backed flood insurance for communities that participate in the Community Rating System (CRS) program. The NFIP established the Community Rating System (CRS) to reward the community for doing more than the minimum NFIP requirements to reduce flood damages and losses. The CRS program qualifies the City for reduced rates on flood insurance policies. The rating system is based on activities that receive credit points by implementing local mitigation, outreach and educational activities that go beyond minimum NFIP requirements.
The City entered into the CRS program in October of 1990 and currently has a Class 7 rating. This class achieves a 15% reduction in the cost of flood insurance for policyholders in the Special Flood Hazard Areas (SFHA), and 5% for all other policyholders.
For more information about flood insurance visit FEMA's website here or www.floodsmart.gov
