A. You can’t wait until the rain starts falling because it takes 30 days for the policy to go into effect.
Q. Doesn’t my homeowner’s policy cover floods?
A. No. Flood insurance has to be obtained separately. It is available to property owners in any community that participates in FEMA’s National Flood Insurance Program.
Q. How much flood insurance is available?
A. Homeowners can obtain up to $250,000 on their home and up to $100,000 for contents. Non- residential buildings, such as businesses, can obtain a maximum of $500,000 on the structure and $500,000 on the contents.
Q. Can renters obtain flood insurance?
A. Yes. They may purchase insurance for up to $100,000 on the contents.
Q. Where can people purchase flood insurance?
A. Through their regular insurance agents.
Q. Is flood insurance available for homes and other buildings outside the high-risk zones?
A. Yes, and it’s a good idea to buy it no matter where you live. Between 20 and 25 percent of all flood insurance claims comes from low-risk areas.
Q. How can people find out more about the level of flood risk for their home?
A. One way is to go to www.floodsmart.gov. In most cases, by entering your address in the designated space, you will be advised on whether your structure is in a low-, moderate- or high-risk zone.
However, the flood risk within the Wallow Fire burn area has increased so existing maps that are used by the insurance industry will not reflect the increased risk of flooding. Many owners of structures within the Wallow Fire burn area will pay low to moderate flood insurance premiums unless their structures are located in flood-prone areas prior to the Wallow Fire.
Q: What are premium rates based on?
A: Premium rates for flood insurance are based on flood risk. Most inhabited areas of the nation have been assigned to a risk category; two neighbors’ property may be in different risk categories. Look up flood risk categories on FloodSmart.gov and find out what the insurance premium would be.