Basics
Define Flood
A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area, or of two or more properties
What are high risk areas?
Areas where floods are more likely to damage property
On average, how much does flood insurance cost?
Around $700 a year (will vary based on risk level)
What is flood insurance for?
To protect owners homes and buildings
What happens to rates of flood insurance in high risk areas?
The rates increase
What is the average cost of flood insurance in New York?
Around $1,200
Who provides flood insurance?
The NFIP
True or False
Government backed mortgages in high risk areas are required to have flood insurance
True
How much damage can 1 inch of floodwater cost?
Up to $25,000
What does NFIP stand for?
The National Flood Insurance Association
What percent of NFIP's claims come from low-moderate risk areas?
40%
How much does flood insurance cover for businesses?
Up to $500,000 for non-residential buildings
What does FEMA do?
Manages the NFIP and helps prevent and respond to a various amount of natural hazards
What are the chances of a home flooding in high risk areas (over the course of a 30 year mortgage)?
1/4
How much does flood insurance cover for homes?
Up to $250,000 of damage to the home itself. With an additional premium you can cover up to $100,000 of personal belongings