NO TIME LIKE THE PRESENT FOR FLOOD INSURANCE

JEFFERSON CITY, Mo.

– The weather forecasters are predicting more severe storms for Missouri. More storms can mean more flooding. The U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA) and the State Emergency Management Agency strongly encourage Missouri residents to be prepared well ahead of rising waters.

One way to do this is through purchasing flood insurance provided through FEMA’s National Flood Insurance Program. There is a 30-day waiting period before a policy becomes effective. Waiting until a flood hits to buy insurance is too late.

FEMA is not an insurance company, but provides training for insurance agents wishing to sell NFIP policies. A list of authorized agents is available by clicking on the insurance policies link at the left side of the home page on http://www.floodsmart.gov/, FEMA’s NFIP public information site. You can also call 1-800-720-1093 for a referral and more information.

You can buy National Flood Insurance no matter where you live, as long as your community participates in the National Flood Insurance Program. A list of participating communities in Missouri is available at http://www.fema.gov/cis/MO.pdf .

If you live in a high-risk flood zone and have a federally backed mortgage, you are required to buy flood insurance, which is exempt from the 30-day waiting period. Even in you live in a low-risk zone, flood insurance is advisable. Approximately one-third of claims for flood insurance payments under the program come from areas not in high risk zones.

Residential and commercial property owners located in moderate to low-risk zones may be eligible for the Preferred Risk Policy, which provides low-cost flood insurance protection.

A common misconception is that flood insurance is expensive and federal assistance is free. The www.floodsmart.gov has an interactive program that shows approximate costs to a homeowner for disaster repair depending on water levels.

Only two inches of flooding could cost you about $8,000 in home repairs, but after a disaster, many homeowners will qualify for just a few thousands dollars from FEMA. Most of their long-term recovery needs will be taken care of through a low-interest disaster loan from the U.S. Small Business Administration.

Loans need to be paid back. Flood insurance can avoid this.

Flood insurance costs are substantially less for properties in low to moderate risk zones outside of designated flood plains. Premiums for both building and contents may start at just under $120.

Gambling on surviving a flood without flood insurance is not a good bet. Most homeowners and business insurance does not cover flooding. Contact your agent to be sure your flood insurance is up to date.