Unusual and rapid accumulation or runoff of surface waters from any source.In general, coverage is provided for direct physical loss to the property from a flood which is described as:Ī 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: In this case, the policy will take effect immediately and the borrower does not have to wait 30 days. However, if you buy a house in a designated high-risk area and receive a mortgage loan from a federally regulated lender, by law, the lender must require the borrower to purchase and regularly renew flood insurance. The policy will take effect 30 days after it is purchased. If your insurance agent does not sell flood insurance, you can contact the NFIP Help Center at 1-87 to request an agent referral. You should talk to your insurance agent if you have questions, would like additional information and/or are ready to purchase a flood insurance policy. Here is a list of participating WYO companies. Flood insurance is sold to property owners located in NFIP communities through state licensed property and casualty insurance agents and brokers who deal directly with FEMA or private insurance companies through a program known as Write Your Own (WYO). How Flood Insurance Works Sale of Flood PoliciesĪs long as a community participates in the NFIP, residents are eligible to purchase flood insurance. For additional information about NFIP, visit. The program is administered by the Federal Emergency Management Agency (FEMA) and provides flood insurance protection to property owners, renters, and business owners in communities that participate in the program. Participating in the NFIP is based on an agreement between communities and the Federal Government. The NFIP is a federal program enabling property owners in participating communities to purchase insurance as a protection against flood losses. Congress established the National Flood Insurance Program (NFIP) in 1968. Therefore, it is important to know what options are available to protect your assets from flood losses.
Standard homeowners' insurance does not cover flood damage. While floods occur in every area of the country, many property owners remain unprepared. In-Person Assistance at Disaster Recovery Centers (DRCs) and Local Assistance Centers (LACs)įlooding is the nation's number one natural disaster.Top Ten Tips for People Affected by Winter Storms English Spanish
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