Flood Insurance

Floods happen, even where they are least expected. (Inland Fisheries and Wildlife Photo)


Did you know that homeowner’s or business insurance policies do not cover flood damage?

Flooding can happen anytime, anywhere. Floods happen throughout Maine – even in places away from the coast and rivers. In recent years, about 25% of national flood insurance claims came from places not considered high risk for flooding.

Where does flood insurance come from? The National Flood Insurance Program (NFIP) was created by Congress in response to the rising cost of disaster relief for flood victims. It is managed by the Federal Emergency Management Agency.

Why do you need flood insurance? You cannot count on your homeowner’s insurance after a flood, and you cannot count on government assistance when it comes to rebuilding, either. Federal money is not often made available after floods – and when it is, it will only make your house safe and clean. It will not restore your life, or replace your property. In addition, grants are usually made only to those without insurance, and loans are available but must be repaid… with interest. Flood insurance makes sense! The average payment for a $50,000 disaster home loan is $311 a month. The average premium for national flood insurance is $650 a year

Flood Insurance does not have to be expensive! Depending on where you live, and the level of coverage – it could cost about $1 a day.

How much coverage is available? Up to $250,000 of building coverage and $100,000 of contents coverage are available to protect your home and its contents. Policies are available for renters and business owners, also.

How do I sign up? To buy a National Flood Insurance policy, call your insurance agent or contact one of the private insurance companies that write flood insurance under a special arrangement with the Federal government. Call the National Flood Insurance Program’s toll-free number to obtain the name of an agent in your area who does write flood insurance. The number is 1-888-RAIN-924.

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