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         U.S. Department of Homeland Security - Federal Emergency Management Agency - National Flood Insurance Program

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      Buying a Policy
          
                                	
			      Buying a Policy
        
    
              Why Buy Flood Insurance
              Am I Required to Have Flood Insurance?
              What’s Covered
              Types of Flood Insurance
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              Renewing a Policy
          
                                	
			      Renewing a Policy
        
    
              Why Should I Renew My Policy?
              How to Renew Your Policy
              Flood Risks and Costs
          
                                	
			      Flood Risks and Costs
        
    
              Cost of Flooding
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              Before and After a Flood
          
                                	
			      Before and After a Flood
        
    
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              Elevation Certificates Why Should I Renew My Policy?
          How to Renew Your PolicyYou already know the value of being protected.

So do Todd and Susan Floyd. Local Washington homeowner and National Flood Insurance Program (NFIP) policyholder, Todd Floyd, shares how he recovered from flood damage after a seawall ceased to serve as a barrier protecting his home from 12-foot waves and the peace of mind they gained from flood insurance.

Flood insurance helps protect your biggest asset.

You’ve worked hard to take care of your home and save for the future – and **flood insurance gives you peace of mind** that you’ve protected your most important asset.

Even if you’ve never experienced a flooding event, you are still at risk. Whether caused by powerful storms, melting snowpack, broken dams, neighborhood construction, or natural changes in the environment, losses from floods can be **emotionally and financially devastating.**

Flood insurance protects your home and your savings by covering the cost of repairing any damage caused by flooding. Renew your flood insurance to **ensure your hard work won’t be washed away.**

Mobile phoneReady to renew your policy?

Contact your insurance agent to renew your policy. Your insurance policy needs to be renewed every year.
Renew Your Policy

Why should I renew my flood insurance policy?
              Maintaining flood insurance can save you money.
      FEMA regularly updates flood maps in communities nationwide to identify flood hazards. If your property is impacted by a new flood map, renewing your flood insurance policy and maintaining continuous coverage can save you money by locking in a lower rate.

* With NFIP's pricing approach, Risk Rating 2.0, FEMA addresses rating disparities by incorporating more flood risk variables like flood frequency, multiple flood types — river overflow, storm surge, coastal erosion, and heavy rainfall — and distance to a water source, as well as property characteristics such as elevation and the cost to rebuild.

This means that although flood mapping data will still be necessary and essential for communities, and Flood Insurance Rate Maps (FIRMs) will continue to be used for mandatory purchase requirements, building code requirements, and floodplain management requirements, flood maps will no longer be the most significant factor in rating premiums.

				 
  Letting coverage lapse leaves you vulnerable to unexpected flooding.
      Additionally, once you let your policy lapse, a new flood insurance policy will take 30 days to go into effect. You will not be covered if a flooding event occurs during that time. Renew your policy to make sure you’re protected against any unexpected flood event.

				 
  Your bank may require you to renew.
      If you live in a high-risk flood zone and have a government-backed loan, you are required to renew your flood insurance every year.

				 
  You may be ineligible for future Presidential Disaster Assistance.
      Disaster assistance recipients that live in the high-risk flood area and received federal disaster assistance for home repair, replacement, or personal property **are obligated to maintain flood insurance coverage.**

This insurance requirement is tied to the property that received assistance, not the individual homeowner. **If the home is sold or becomes owned by someone else, the new owner is required to purchase and maintain flood insurance.**

The post-assistance insurance requirements last:

For the life of the property for all forms of Individual Assistance;
	For the life of the loan for SBA loans.After receiving disaster assistance, a property must maintain an insurance policy covering at least the total dollar amount of the assistance.
              Cancelling your policy

Before Cancelling

Talk to your mortgage lender to see if you are required to provide proof of insurance.

Insurance policies are meant to provide peace of mind that what you own is protected and your home is one of the most valuable assets. If your home is damaged due to flooding, flood insurance is the only insurance policy that will cover flood damage and repairs.

Before cancelling your policy, understand that flood risks change over time. The changes occur due to runoff of surface waters from any source, changing weather patterns that cause overflow of inland or tidal waters, wildfire, and mudflows. Even small streams can put your home at risk.

Consider what you can do to mitigate your own flood risk, and talk to your agent about ways you can reduce your premium. FEMA continuously provides marketing and outreach support to industry partners. NFIP's pricing approach, Risk Rating 2.0, provides property owners a better understanding of their flood risk to enable them to make informed decisions regarding flood insurance and mitigation actions.

Refunds

Flood policies may be terminated mid-term or full-term by cancellation, or a full-term policy can be nullified. You may be entitled to a full, partial, or no refund depending on your individual cancellation reason. Contact your insurance agent to learn more about your options.





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