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The original item was published from 7/26/2016 8:15:51 AM to 8/15/2016 12:00:02 AM.

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Posted on: July 26, 2016

[ARCHIVED] What to Know about Flood Insurance

If you live in a flood-prone area, there is a good chance you have flood insurance or have been told that you need to purchase it. The following points may be helpful:

Insurance Agent
Flood insurance can only be purchased through an insurance agent; it cannot be purchased directly from the Federal Government. If your local insurance agent is unfamiliar with the National Flood Insurance Program, (NFIP) you can:
• Find agent serving your area, go to FloodSmart.gov, or;
• Call 1-888-379-9531 to request an agent referral

Coverage and Deductibles
It is important to know what the policy does and does not cover. For example, damage caused by a sewer backup is only covered by flood insurance if it’s a direct result of flooding.
Deductibles apply separately to the building and its contents with varying amounts to choose from. Like other insurance plans, a higher deductible will lower the premium that is paid but will also reduce the claim payment. The mortgage lender can also set a maximum amount for the deductible.

Mandatory Requirements
Homes and businesses with mortgages from Federally regulated or insured lenders in high-risk flood areas are required to have flood insurance. Flood insurance is not Federally required if the home or business is in a moderate- to low-risk flood area, but it is still available and strongly recommended.

Rate Information
The NFIP offers flood insurance, which can be purchased through most leading insurance companies. Rates are set and do not differ from company to company or agent to agent. These rates depend on several factors, including the date and type of construction of your home, along with your area’s level of risk. Most premiums include a Federal Policy Fee and ICC Premium. The City of Benbrook participates in the Community Rating System and has a rating of ‘6’.

Because of the rating, Benbrook residents qualify for an insurance premium discount of 20% if they live in a high-risk area and a 10% discount if they live in a moderate- to low-risk area. Typically, there is a 30-day waiting period from date of purchase before the policy goes into effect.
Flooding poses a threat to our safety, and can potentially damage property. For safety tips, please go to www.floodsmart.gov.

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