Flood Mitigation Projects
Flood Insurance
If you currently own a flood insurance policy, check the coverage. Most standard policies cover the building structure, but not the contents. Contents insurance can be obtained by checking with your insurance agent. There is a 30-day waiting period before flood insurance coverage takes effect. It is best to plan ahead; do not wait until a flood is imminent before purchasing flood insurance. All buildings within the floodplain that have a loan or mortgage from a federally regulated/insured bank are legally required to require a flood insurance policy for the structure. Flood Insurance rates will be going up in the next few years as Congress has authorized FEMA to increase annual rates by 20%; other increases will be due to reductions in subsidies for certain properties. Be sure to maintain your flood insurance coverage to lessen your increase! Lapsed policies now getting discounts will increase to actuarial rates.