Flood Information, 2014 - Insurance
If you own a home in a flood prone area the to consider flood insurance is now. Homeowner's policies do not cover flooding. You can buy flood insurance at any time, however there is a 30-day waiting period after you're paid the premium before the policy is in effect. Additionally, if a property is in the FEMA-designated floodplain, homeowners must hire a surveyor to produce an “elevation certificate” in order to obtain flood insurance. Once the elevation certificate paperwork is submitted to the insurance agent and the premium is paid, the 30-day waiting period begins.
Flood insurance is sold through private insurance companies and agents, and is backed by the National Flood Insurance Program (NFIP). Please do not rely on federal disaster assistance to recover flood-related losses. Before a community is eligible for disaster assistance, it must be declared a federal disaster and federal disaster assistance declarations are issued in less than 50 percent of flooding incidents. The premium for an NFIP policy, averaging about $400 a year, is less expensive than interest on federal disaster loans. Furthermore, if you are uninsured and receive federal disaster assistance after a flood, you must purchase flood insurance to remain eligible for future disaster relief.
Lastly, please be aware that groundwater seepage and inundation into basements are not covered by flood insurance; flood insurance only covers flowing floodwaters entering the building from above ground.
Click on the links below for more information about flood insurance:
- Myths & Facts about the Nat'l Flood Insurance Program
- FEMA's Top 10 Facts for Consumers
- Missoula area insurance providers with FEMA flood insurance training*
- Filing your Flood Insurance Claim
*Missoula County does not endorse one area business over another.