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Did You Know... Nearly 25% of flood insurance claims come from low-to-moderate risk areas.


Flood Insurance

Flood Costs

 
North Carolina Flood Insurance

Flooding, according to the Federal Emergency Management Agency (FEMA), is the United States’ top naturally occurring disaster. North Carolina Flood Insurance, Inc, together with parent company National Flood Insurance, LLC, focuses solely on providing flood insurance to the residents of North Carolina.

Essentially born out of the destruction of 2008’s Tropical Storm Fay, which caused immense flooding in Melbourne, Florida, where National Flood Insurance, LLC, is based, North Carolina Flood Insurance, Inc. is committed to helping North Carolina residents navigate the complexities of flood insurance, provide education about the basics, and to make clear the misconceptions that surround it.

 

The Misconceptions

  1. Flood Damages covered by homeowners insurance policies. The plain truth is that damage caused by flood events is usually not covered by homeowners insurance policies. Looking at the first page of your homeowners policy will confirm this.
  2. Flood insurance policies are unaffordable for most people. Actually, if your home or business is in a FEMA-determined Preferred Risk Zone (PRZ), flood insurance coverage could cost as little as $129 a year.
  3. Homes or businesses are not in flood zones if they are not located near a water source. The entire state of North Carolina has been designated by FEMA as being in flood zones with varying levels of risk. Essentially, wherever it snows or rains it can flood.

National Flood Insurance, LLC, and North Carolina Flood Insurance, boast flood insurance specialists who focus solely on flood insurance and are knowledgeable about current National Flood Insurance Program legislation and will assist you every step of the way when inquiring about or purchasing flood insurance coverage. Both National Flood Insurance, LLC, and North Carolina Flood Insurance, Inc, are direct representatives of FEMA and all insurance policies are processed through the NFIP.

Please call 1-888-900-0404 to speak with a flood insurance specialist and receive a free consultation that includes a flood zone determination, flood insurance quote, and answers to your questions. Please don’t neglect to safeguard your valuable material assets. Flood insurance coverage is only a phone call away!

What is the history of the NFIP?

The mid-twentieth century saw flood issues addressed by the construction of dams, levees, and sea walls. Earlier, in the 1920s, the insurance industry considered the cost of flood insurance and since the premiums were too high, they determined only those who lived in high risk flood areas would purchase coverage making flood insurance a non-profitable endeavor and they therefore decided not to offer it. Congress eventually realized that, because no private insurance companies were offering flood insurance coverage, flooding would be a very real problem for those living in flood plains and would bear the brunt of the cost of recovery.

To combat this, Congress passed the National Flood Insurance Act in 1968 which created the National Flood Insurance Program (NFIP). Initially, the NFIP was designed to defray the cost of insurance premiums, encourage development in less flood-prone areas, and strengthen construction standards to mitigate the damage from flooding. At its inception, the NFIP was overseen by Housing and Urban Development (HUD).

By early 1972, there were only 100,000 or fewer flood insurance policies in effect nationwide. By mid-year, Hurricane Agnes caused so much devastation across the eastern portion of the United States – estimates reached $4 billion in damages – that Congress was forced to investigate. They became aware that very buildings were insured for flood damage which led to the amending of the National Flood Insurance Act by the Flood Disaster Protection Act which was passed in 1973.

This newly-passed Act made flood insurance coverage a requirement for receiving federal disaster assistance in either federal aid or loans from banks insured by the FDIC.

The NFIP was transferred to the newly-created FEMA in 1979, and as the decade closed nearly 2 million flood insurance policies were in effect nationwide.



5.6 Million Flood Insurance Policies

Thirty years later, there were approximately 5.6 million flood insurance policies in effect. Significant changes have been made to the NFIP, as well. A Community Rating System was put into practice during the 1990s which increased the amount of flood insurance coverage and established mitigation plans and projects. For its part, North Carolina had over 136,000 flood insurance policies in effect as of September 2011.

Thanks to the NFIP, flood insurance is now available to more than 20,000 U.S. communities and territories. Additionally, nearly 100 private insurance companies offer government-backed flood insurance nationally. And even though federal assistance remains an integral part of disaster recovery, the NFIP saves the U.S. taxpayers millions of dollars every year.

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