Flood risk and flood insurance


Anywhere it rains, it can flood…and just
because you haven’t experienced a flood in the past, doesn’t mean you won’t in the future.
Some areas, though, are at much higher risk for flooding than others. To identify a community’s flood risk, The
Federal Emergency Management Agency, in collaboration with other government agencies including the
National Weather Service, is creating an updated set of detailed flood hazard maps. These maps identify areas that are most likely
to experience flooding. Areas outlined in the highest risk for flooding are over twice
as likely to experience property damage from a flood as they are from a fire… and with property damage directly related
to floods averaging over 5 billion dollars per year, the importance of adequate flood
insurance cannot be overstated. And many people fail to realize that standard
homeowners’ insurance policies do not cover flood damage. because of this, congress created the National
Flood Insurance Program in 1968. This program, which is administered through FEMA, works
closely with nearly 90 private insurance companies to provide an affordable means for both residential
and commercial property owners to protect themselves financially from the threat of
flooding. Yearly rates are about $600.00 per year and
does not vary from company to company or agent to agent. However, factors such as your home’s
risk area and construction type will influence rates. To view flood hazard maps and to find out
which risk area your home or business is in, you can visit the National Flood Insurance
Program’s website at www.floodsmart.gov. For more information on flooding and what you
can do to protect yourself and your property, visit the National Weather Service’s Flood
safety page at nws.noaa.gov/floodsafety

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