What You Need to Know About Federal Disaster Assistance
and National Flood Insurance
When you think about buying a flood insurance policy, do
you have these kinds of reactions:
1. Disaster assistance will be available if my home (or
business) is flooded. I don't need to buy flood insurance!
- Did you know that before most forms of Federal disaster
assistance are offered, the President must declare a major
- Did you know that the Federal Emergency Management
Agency's Individual and Family Grant Program (for Personal
Property) and Temporary Housing Program (for Home Repair
and Rental Assistance) are available only if the President
declares a major disaster and makes that assistance
- Did you know that the most typical form of Federal
disaster assistance is a loan that must be paid back with
- Did you know that the average Individual and Family
Grant payment is less than $2,500?
- Did you know that to qualify for Home Repair Assistance,
your home must have relatively minor damage that can be
- Did you know you cannot qualify for Rental Assistance
unless your home has been destroyed or significantly
2. It's too expensive!
- Did you know that the average duration of a Small
Business Administration (SBA) disaster home loan is 20
- Did you know that the average payment for a $50,000 SBA
residential disaster loan is $311 a month?
- Did you know that the average premium for an NFIP flood
insurance policy is just over $300 a year?
3. My home isn't going to be flooded--we've never been
- Did you know that floods are the most common natural
- Did you know that 61 percent of all Presidentially
declared disasters included flooding in the last 5 years?
- Did you know that because more and more buildings, roads
and parking lots are being built where forests and meadows
used to be, floods are becoming more severe?
- Did you know that buildings in areas with the greatest
risk of flooding, called Special Flood Hazard Areas (SFHAs),
have a 26 percent chance of being flooded during a 30-year
- Did you know that between 20 and 25 percent of all
claims paid by the NFIP are for policies outside the
Special Flood Hazard Area?
4. So what's so great about flood insurance?
- Homeowners, business owners, and renters can all
purchase flood insurance, as long as their community
participates in the NFIP.
- Flood insurance puts you in control: You don't have to
wait in lines or qualify for Federal disaster assistance
that you may have to pay back with interest.
- Flood insurance claims are paid even if a disaster is
not declared by the President.
- You can buy flood insurance no matter where you live -
in high-, low- or moderate-risk areas - as long as your
community participates in the NFIP.
- Flood insurance claims are handled quickly so flood
victims can recover quickly.
- When you file a flood insurance claim, you can request a
partial payment immediately so you can start recovering
- Flood insurance reimburses you for all covered losses.
Homeowners can get up to $250,000 of coverage and
businesses up to $500,000.
- There is separate contents coverage, so renters can get
flood insurance, too.
- Flood insurance claims are paid by policyholder
premiums, not taxpayer dollars.
- Maintaining a flood insurance policy is one of the most
important things you can do to protect yourself and reduce
the cost of flooding disasters.
For more information about the NFIP, ask your insurance
agent or company, or call the NFIP's toll-free number at
1-888-FLOOD29, TDD# 1-800-427-5593.
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