Purchasing flood insurance through the NFIP is one of the best ways to protect your home and belongings. Standard homeowner policies do not cover damage from floods.
There is normally a 30-day waiting period when purchasing a new policy. Flood insurance is sold through private insurance companies and agents and is backed by the federal government.
Under the ‘Mandatory Purchase of Flood Insurance’ requirement, homeowners in a Special Flood Hazard Area (SFHA) must buy flood insurance if they have a mortgage from a federally regulated lender. The requirement applies to all forms of federal or federally related financial assistance for buildings located in a SFHA. This affects loans and grants for the purchase, construction, repair, or improvement of any publicly or privately owned buildings in the SFHA, including machinery, equipment, fixtures and furnishings contained in such buildings.
Homes located outside the high-risk flood zone areas need flood insurance too. Nationally, over 25% of structures that flood each year belong to policyholders whose properties are not in a high risk flood zone.
Flood insurance is available for all properties located in the City of Gainesville.
If you’re renting a home or apartment, contents coverage is available from the NFIP to protect your valuables and belongings.
For more information about flood insurance, contact your insurance agent or visit: www.fema.gov/nfip