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Top Ten Facts about the National Flood Insurance Program

Last Updated on March 27, 2021 by Kathy Rukat Smith

Flood insurance is a hot topic in a coastal town! Even if you are not required to buy flood insurance (either because you do not have a mortgage or because you are not “in a flood zone”), you should consider purchasing flood insurance for peace of mind. Here are the top ten facts about the National Flood Insurance Program from FEMA.

Top Ten Facts about the National Flood Insurance Program

Everyone lives in a flood zone

Every piece of land in the US is in a flood zone. Zone X is commonly considered “not in a flood zone”. Floods are caused by storms, melting snow, hurricanes, water backup due to inadequate or overloaded drainage systems or broken water mains.

Flood damage is not covered by homeowners’ policies

You can protect your home, business and belongings with flood insurance from NFIP. Flood damage is not covered by your homeowners’ insurance policy and you must purchase a separate flood insurance policy.

You can buy flood insurance no matter your flood risk

It is a good idea to buy flood insurance even in lower-risk areas because over 20 percent of all NFIP claims come from outside mapped high-risk areas. Flood Zone X is commonly referred to as “not in a flood zone”. However, you can purchase flood insurance even if you are in Flood Zone X.

The low-cost Preferred Risk Policy is ideal for homes and business in moderate- to low-risk areas

Flood insurance can be purchase for only several hundred dollars per year.

Flood insurance is affordable

Policies are available to homeowners, condo owners, apartment owners, renters and business owners alike. Especially when you are in a low-risk flood zone, your flood insurance is relatively inexpensive.

Flood insurance is easy to get

You can buy flood insurance through licensed property insurance agents.

Contents coverage is available to homeowners, business owners and tenants

Up to $100,000 contents coverage is available for homeowners and renters.

Up to a total of $1 million in flood insurance coverage is available for non-residential buildings and contents

There is usually at 30-day waiting period before coverage goes into effect

Plan ahead so you are not caught without insurance when flood threatens your home or business.

Federal disaster assistance is not the answer

Federal disaster assistance is available only if the President declares a disaster. Flood insurance pays even if a disaster is not declared.

***This information was found in the National Flood Insurance Program Top Ten Facts for Consumers FEMA F-301/February 2012 brochure.***

Posted in: Uncategorized Tagged: buying a home, flood insurance

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Kathy Rukat Smith with Palmetto Coastal Homes serves all the areas of the Grand Strand.

  • North Myrtle Beach
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  • Carolina Forest
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Kathy Rukat Smith is a resident of Murrells Inlet and loves everything living at the beach has to offer. She has been selling real estate since 2004.

Kathy uses her local real estate knowledge, technical skills, local connections and strong internet presence to exceed your exceptions and help you succeed in the fast-paced Myrtle Beach real estate market.

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4214 Mayfair Street, Suite F, Myrtle Beach, SC 29577

(843) 267-2710
Kathy@TeamRukat.com
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