Most Tennesseans can now buy flood insurance

July 8– Flooding is America’s most common natural disaster, yet most homeowner insurance policies do not cover flood damage.

Only flood insurance allows people to have the cost of flood damages covered.

FEMA’s National Flood Insurance Program (NFIP) offers federally-backed insurance to property owners and renters in communities that participate in the NFIP.

Those communities, including Hardin County, agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding.

NFIP insurance is sold through private insurance agents. Typically there is a 30-day waiting period from the time the premium is paid until the policy becomes effective.

Nationwide, nearly 21,000 communities participate in NFIP. Currently, 349 Tennessee communities participate in the flood insurance program.

Homes can be insured against flood damage for up to $250,000 and commercial buildings up to $500,000.

Separate policies covering contents can provide insurance up to $100,000 for homes and $500,000 for commercial properties.

Renters can insure their personal property for up to $100,000. The average premium for flood insurance is less than $570 a year.

Many people mistakenly believe they must live in a high-risk zone to buy flood insurance.

However, more than 25 percent of the claims paid are from areas at medium or low risk for flooding. To learn how your property is zoned, visit www.FloodSmart.gov.

On July 2, President Obama signed a bill reauthorizing NFIP through Sept. 30, 2010. It must be reauthorized again to be offered beyond that date.

Policies purchased now will be effective 30 days after the premium is paid and will remain in effect for a year.

For more information on NFIP, call 888-379-9531, visit www.FloodSmart.gov, or call your local insurance agent.