I urge anyone in Montana who lives in a participating community to take a serious look at purchasing flood insurance now. Federal flood insurance can cover a number of expenses. Lending institutions that are federally regulated or insured require flood insurance coverage before they grant financing. Protection against being uninsured in the event of a flood. Standard homeowners insurance policies do not compensate for flood damage.
Flood insurance is cost-effective.
Premiums for flood insurance are far less than the payments for a disaster loan, so it makes sense to insure before flooding occurs, not after disaster has struck. Flood insurance covers losses even if the flood is not declared a disaster. Reduced risk of flooding. Buildings substantially damaged by flood, rebuilt to NFIP construction standards, have less risk of damage from future flooding and are eligible for NFIP coverage at a reduced rate. People who receive some forms of federal flood disaster assistance are required to purchase flood insurance if they live in a Special Flood Hazard Area.