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Flood Insurance Basics
NFIP
(Information Provided by The NFIP)

•Everyone lives in a flood zone.

•Flash floods often bring walls of water 10 to 20 feet high.

•Most homeowners insurance does not cover flood damage.

•A car can easily be carried away by just two feet of floodwater.

•In the past 5 years, all 50 states have experienced floods or flash floods.

•In a high-risk area, your home is more likely to be damaged by flood than by fire.

•From 2003 to 2012, total flood insurance claims averaged nearly $4 billion per year.

•Just a few inches of water from a flood can cause tens of thousands of dollars in damage.

•Hurricanes, winter storms and snowmelt are common (but often overlooked) causes of flooding.

•New land development can increase flood risk, especially if the construction changes natural runoff paths.

•Since 1978, the NFIP has paid more than $48.1 billion for flood insurance claims and related costs (as of 7/8/13).

•More than 5.5 million people currently hold flood insurance policies in more than 21,800 communities across the U.S.

•In most cases, it takes 30 days after purchase for a policy to take effect, so it's important to buy insurance before the storm approaches and the floodwaters start to rise.

•If you live in a Special Flood Hazard Area (SFHA) or high-risk area and have a Federally backed mortgage, your mortgage lender requires you to have flood insurance.

•Homes and businesses may qualify for the low-cost Preferred Risk Policy, with premiums starting as low as $129 for a home and its contents and $643 for a commercial building and its contents.*
                     *$129 residential annual premium provides $20,000 building and $8,000 contents coverage. $643 commercial annual premium provides $50,000 building and $50,000 contents coverage.

•You are eligible to purchase flood insurance as long as your community participates in the National Flood Insurance Program. Check the Community Status Book to see if your community is already an NFIP partner.

•When your community participates in the Community Rating System (CRS), you can qualify for an insurance premium discount of up to 45% if you live in a high-risk area and up to 10% in moderate- to low-risk areas.

•The two most common reimbursement methods for flood claims are: Replacement Cost Value (RCV) and Actual Cash Value (ACV). The RCV is the cost to replace damaged property. It is reimbursable to owners of single-family, primary residences insured to at least 80% of the building's replacement cost.

•Federal disaster assistance is usually a loan that must be paid back with interest. For a $50,000 loan at 4% interest, your monthly payment would be around $240 a month ($2,880 a year) for 30 years. Compare that to a $100,000 flood insurance premium, which is about $400 a year ($33 a month).

•Even though flood insurance isn't federally required, anyone can be financially vulnerable to floods. In fact, people outside of mapped high-risk flood areas file nearly 25% of all National Flood Insurance Program flood insurance claims and receive one-third of Federal Disaster Assistance for flooding.
 

For more policy and claim statistics, visit the NFIP website.


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