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National Flood Insurance Program (NFIP)
Since standard homeowners insurance does not cover flooding, it’s important to have a separate policy to insure against losses due to flooding from hurricanes, tropical storms, heavy rains and other conditions.
In 1968,Congress created the National Flood Insurance Program (NFIP) to offer flood insurance to homeowners, renters, and business owners if their community participates in the NFIP.Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding.Galveston does participate in the program.
The National Flood Insurance Program (NFIP) is administered by the Federal Emergency Management Agency (FEMA), which works closely with private insurance companies to offer flood insurance to property owners and renters. The NFIP flood insurance can be purchased through property and casualty insurance agents.Rates are set and do not differ from company to company or agent to agent.Rates depend on many factors, which include the date and type of construction of your home, along with your building’s level of risk.
Flood insurance protects two types of insurable property: building and contents.Contents coverage is optional, however. Premium costs depend on factors such as: year of construction, occupancy, number of floors, location, contents, flood risk, elevation and deductible. If a property is in a high-risk flood area and is mortgaged through a federally regulated or insured lender, a flood insurance policy must be in place. Links: National Flood Insurance Program (NFIP) http://www.floodsmart.gov/floodsmart/