FAQs About Flood Insurance
- Does my home insurance policy include coverage for a flood?
Home insurance policies do not
- What is the definition of a flood? Flood is defined in the Standard Flood Insurance Policy (SFIP), in part, as:
A general and temporary condition of partial or complete inundation
of two or more acres of normally dry land area or of two or more
properties (at least one of which is your property) from overflow of
inland or tidal waters, from unusual and rapid accumulation or runoff
of surface waters from any source, or from mudflow.
- What is the National Flood Insurance Program (NFIP)?
The NFIP is a Federal program created by Congress to mitigate future flood losses nationwide through sound, community-enforced building and zoning ordinances and to provide access to affordable, federally backed flood insurance protection for property owners. The NFIP is designed to provide an insurance alternative to disaster assistance to meet the escalating costs of repairing damage to buildings and their contents caused by floods.
Participation in the NFIP is based on an agreement between local communities and the Federal Government that states that if a community will adopt and enforce a floodplain management ordinance to reduce future flood risks to new construction in Special Flood Hazard Areas (SFHAs), the Federal Government will make flood insurance available within the community as a financial protection against flood losses.
- What is a Special Flood Hazard Area (SFHA)?
FEMA identifies flood hazard areas throughout the United States and its territories. Most areas of flood hazard are commonly identified on Flood Insurance Rate Maps (FIRMs). One of these areas is the Special Flood Hazard Area (SFHA).
The SFHA is a high-risk area defined as any land that would be inundated by a flood having a 1% chance of occurring in a given year (also referred to as the base flood). The high-risk-area standard constitutes a reasonable compromise between the need for building restrictions to minimize potential loss of life and property and the economic benefits to be derived from floodplain development. Development may take place within an SFHA, provided that development complies with local floodplain management ordinances, which must meet the minimum Federal requirements. Flood insurance is required for insurable structures within high-risk areas to protect Federal financial investments and assistance used for acquisition and/or construction purposes within communities participating in the NFIP.
- . Give us a call at 281-376-4263 to find out what payment plans are available with your insurance carrier.