The National Flood Insurance Program (NFIP)
If you live in a flood prone zone you need to get extra protection for you and your home in case disaster strikes. Even if you have homeowners insurance, you will not be protected against flood unless you buy a separate policy. Flood insurance is offered under a Federal program provided by Federal Emergency Management Agency (FEMA).
The floodplain management ordinances are implementing the reduction of future flood damage. In return to this the National Flood Insurance Program (NFIP) is offering flood insurance to homeowners as well as renters and also business owners in the 20, 000 (approximately) communities across United States that participate in this program.
How can you benefit from the National Flood Insurance Program?
Their flood insurance proposes to provide assistance in controlling the damage caused by flood to buildings and their contents. NFIP has set building standards that reduce the chance of flood damage and buildings constructed in compliance to such standards have 80% less chances annually, of damage from flood. The NFIP not just provided flood insurance and reduces flood damages through their floodplain management regulations, they also identify and map the Nation’s floodplains to create broader awareness. This mapping allows them to create better floodplain management programs. You can seek flood insurance quotes online if you are interested in their flood management program.
What is a floodplain management?
This is a community program including preventive and corrective measures in order to reduce flood damages. This may be in various forms and may have different requirements for zoning and special floodplain ordinances. Currently this program has been adopted by over 20, 000 communities and it is easy to join in one. There is only certain information that the community needs to give the NFIP and fill up a form available at their site in order join.
Top 6 flood insurance myths and facts
Myth 1: You can’t buy flood insurance in flood prone zones.
Fact: You can buy flood insurance anywhere provided your community participates in the National Flood Insurance Program. You can find out from FEMA’s status page to see if your community is participating or not.
Myth 2: Flood insurance will not be available immediately before or during flood.
Fact: National Flood Insurance is available anytime but there is a waiting period of 30 days after the first premium payment for the policy to be effective. However, if you purchase this policy within 13 months of a flood map revision, this waiting period may be waived.
Myth 3: Homeowners insurance covers flood
Fact: Usually homeowners insurance does not cover flood. An NFIP policy may include coverage for personal property and residential and commercial renters may buy insurance to protect their contents.
Myth 4: You don’t need flood insurance if you are not in a flood prone zone.
Fact: Even if you do not reside in a flood prone zone your area may be susceptible to flooding. So, anyone could benefit from flood insurance.
Myth 5: You can’t buy flood insurance after a flood.
Fact: If your community is participating in the National Flood Insurance Program you can buy flood insurance anytime.
Myth 6: You can buy NFIP only through NFIP directly.
Fact: This program is sold through private insurance companies and agents.
Juanita Martinez is a longtime contributor and Moderator of the ampminsure community. She is a financial writer, specializing in the field of insurance. You can reach-out to her through the ampminsure community for insurance related queries.