What is the FEMA Flood Insurance Program?

There is a great deal of confusion surrounding the government-sponsored FEMA flood insurance program. Standard homeowner’s or renter’s insurance does not include flood coverage, making it a hot topic for anyone living in a coastal region or flood plain. It has become increasingly difficult for people in some of these areas to afford flood insurance coverage or even find a reputable company willing to offer them a plan. That is where the FEMA flood insurance plan steps in.

In communities that have agreed to participate in FEMA’s program, a homeowner or renter can purchase a federally backed FEMA flood insurance policy. Even if your property is in a flood zone, has previously been flooded, and there is the looming threat of a flood on the horizon, you can still file for flood insurance coverage with FEMA.

Some of the specifics of FEMA’s flood insurance coverage include the following:

•    A maximum of $250,000 of building coverage is available for single-family residential buildings, with $250,000 per unit for residential condominiums.
•    The limit for contents coverage on all residential buildings is $100,000, which is also available to renters.
•    Commercial structures can be insured to a limit of $500,000 for the building and $500,000 for the contents. The maximum FEMA flood insurance limit may not exceed the insurable   value of the property.
•    These specific items are covered under building coverage, as long as they are connected to a power source, if required, and installed in their functioning location:
•    Sump pumps
•    Well water tanks and pumps, cisterns, and the water in them
•    Oil tanks and the oil in them, natural gas tanks and the gas in them
•    Pumps and/or tanks used in conjunction with solar energy
•    Furnaces, water heaters, air conditioners and heat pumps
•     Electrical junction and circuit breaker boxes and required utility connections
•     Foundation elements
•     Stairways, staircases, elevators and dumbwaiters
•     Unpainted drywall walls and ceilings, including fiberglass insulation
•     Cleanup

Surprisingly, FEMA flood insurance is sold through private companies, so you can easily compare it to other types of flood insurance policies.  You will likely find that the flood insurance coverage offered commercially is nearly identical to FEMA flood insurance, except that it is not backed by the United States government. If you are one of the many Americans unable to secure flood insurance coverage or simply wish to learn more on this topic, you can contact FEMA directly and ask for information regarding the National Flood Insurance Program (NFIP).

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