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Lower cost flood insurance program

Flooding is one of the most destructive forces that homeowners deal with – besides ruining homes and causing thousands of dollars in damage – floods can also wash away cherished family memories.

While the memories can never be replaced, homeowners can guard against a financial washout by taking advantage of new preferred rates being made available on a temporary basis by the National Flood Insurance Program (NFIP).

Superintendent of the New York State Insurance Department James Wrynn, along with the Federal Emergency Management Agency (FEMA), announced that properties newly mapped into high-risk special flood hazard areas (SFHA) are eligible for reduced rates for two years.

“The updating of flood maps means that many more properties are in areas now classified as high-risk for flooding. Since most homeowners’ policies don’t offer protection against flooding, consumers should seriously consider buying flood insurance,” said Wrynn, who encouraged homeowners to contact their insurance providers for details. “I urge insurance agents and brokers to explain this type of protection to their customers.”

Wrynn said that the preferred risk program was announced to reduce the financial hardship individuals may face in purchasing new flood insurance policies. Officials updated flood risk maps over the past several years using new technologies that more accurately identify hazardous flood zones.

Eligible properties include buildings newly mapped into a SFHA due to a map revision effective on or after October 1, 2008 and before January 1, 2011; as well as buildings that will be newly mapped into a SFHA due to a map revision on or after January 1, 2011.

Current flood maps can be found on FEMA’s mapping web site, https://msc.fema.gov or through your community’s local floodplain administrator. Additional information can be found at www.floodsmart.gov or by calling the NFIP Help Center at 1-800-427-4661.

 

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