Flood Insurance Program Update

In a previous post, I addressed the topic of flood insurance. Here is some additional information I "picked up" from a recent article in The Wall Street Journal that may be helpful.

Coverage is obtained from the National Flood Insurance Program (NFIP) through the Federal Emergency Management Agency (FEMA). However, this policy provides maximum coverages of $250,000 for the structure and $100,000 for the home's contents. If you have waterfront property, these limits may not provide adequate replacement protection. Claims payments are for depreciated value, not replacement-cost and the coverage doesn't take effect for 30 days after policy issue.

Several private insurers have entered this market, among them: Fireman's Fund Insurance; American Insurance Group; and Chubb Group of Insurance Companies.

But is my property in a flood plain? If you're uncertain click here but you should also verify this with the Department of Community Development (360-337-7181).