FEMA regulations require applicants who receive FEMA assistance to purchase flood insurance for future flood damage to any insurable property. The City of Corpus Christi joined the NFIP in 1971 is currently a class 8 in the Community Rating System, which qualifies residents for a 10% discount on flood insurance premiums for properties located in the 1% annual chance floodplain or Special Flood Hazard Area (SFHA) and %5 for properties located outside the SFHA.ĬLICK HERE to learn more about flood insurance coverage.If I received FEMA Assistance, do I have to maintain flood insurance? Encourage a comprehensive approach to floodplain management. Strengthen and support the insurance aspects of the NFIP. Reduce flood damage to insurable property. These reduced premiums reflect the reduced flood risk resulting from community efforts toward achieving the three CRS goals: In exchange for a community's proactive efforts to reduce flood risk, policyholders can receive reduced flood insurance premiums for buildings in the community. The National Flood Insurance Program’s (NFIP’s) Community Rating System (CRS) is a voluntary incentive program that recognizes communities for implementing floodplain management practices that exceed the Federal minimum requirements of the NFIP to provide protection from flooding. If you are renting a home or apartment, flood insurance contents coverage is available from the NFIP to protect your valuables and belongings.ĬLICK HERE to hear Marty Severson's Survivor Story. Nationally, 98% of counties have experienced a flooding event- 81% of damaged properties were outside the high-risk flood areas. Homes located outside the high-risk flood zone areas need flood insurance too. For more information about flood insurance contact: If a building is located in an SFHA, the agency or lender is required by law to require the recipient to purchase a flood insurance policy on the building. This requirement affects loans and grants for the purchase, construction, repair, or improvement of any publicly or privately owned buildings in the SFHA, including machinery, equipment, fixtures, and furnishings contained in such buildings. The mandatory purchase requirement applies to all forms of federal or federally related financial assistance for buildings located in a Special Flood Hazard Area (SFHA). Homeowners in Special Flood Hazard Areas (high-risk flood zones) must buy flood insurance if they have a mortgage from a federally regulated lender. Flood insurance is sold through private insurance companies and agents and is backed by the federal government. 
There is normally a 30-day waiting period when purchasing a new policy. Property owners living in lower-risk areas may qualify for a "preferred risk" policy that provides the same coverage at substantially lower rates. Test your knowledge of flood related insurance with this quick quiz! The coverage limit for renter contents is $100,000. The maximum coverage limits under a standard flood policy are $250,000 for a single-family home structure ($500,000 for businesses) and $100,000 for single-family home contents ($500,000 for businesses). Most often, when government aid is available, it comes in the form of an interest-bearing loan.įlood insurance is mandatory if you have a federally backed mortgage on a home in a Special Flood Hazard Area or you have received a federal grant for previous flood losses and you wish to qualify for future aid.Īdded coverage may be available for dislocation expenses such as rent, hotel stays, meals, etc. Declarations require rather widespread damage.
Less than half of flooding events are "declared disasters". It is offered only when the President makes an official disaster declaration. But, government assistance is not available automatically. Some limited relief might be obtainable through government aid. Without flood insurance, losses must be covered out of pocket. This means all residents qualify to apply for NFIP flood insurance. The City of Corpus Christi joined the National Flood Insurance program in 1971 and has continued efforts to exceed the NFIPs minimum standards. Damages associated with floods can easily total $25,000 or more. Homeowners' insurance may cover fire and wind damage, but virtually never covers damage from flooding nature's most common natural disaster. Even if you are not required to have flood insurance, serious consideration should be given to purchasing it anyway.
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