Why is purchasing flood insurance important to homeowners?
Considering the devastating consequences flooding can have, flood insurance is a wise and important investment. Homeowners insurance does not cover losses caused by flooding, but flood insurance provides coverage even if a disaster is not declared by the President. Even if FEMA determines a structure is not in the designated floodplain, referred to as the Special Flood Hazard Area (SFHA), the structure could be flooded by a flooding event with a greater magnitude than the base flood. Estimates indicate that structures in designated SFHAs have a one-in-four chance of suffering flood damage during the term of a 30-year mortgage. A structure does not have to be in a high risk area of flooding for flood insurance to be needed; as of 2011 an estimated one-third of claims are for the structures in low-to-moderate risk areas. In addition, when homes are destroyed by floods, not only are the homeowners left without a place to live, but they are still obligated to pay off their mortgages. Flood insurance coverage is beneficial in that it protects the equity built up in a person's property, covers damage from flooding, and helps the insured recover more quickly and completely after a flood disaster.

Show All Answers

1. What is the National Flood Insurance Program?
2. What is the "new" FEMA map?
3. How do I obtain a copy of the flood hazard map for the City of San Mateo?
4. Why do I need to purchase insurance if there has never been a flood in the neighborhood?
5. Why is purchasing flood insurance important to homeowners?
6. Is flood insurance required for all structures in the floodplain?
7. What is the difference between tidal flooding and stormwater/residual flooding?
8. What other projects are needed to get my neighborhood out of the flood zone?
9. What is the City doing to help residents stuck in the flood zone?
10. Why doesn’t the City form assessment districts to fund completion of all flood related projects?
11. How do I purchase a flood insurance policy?
12. How are flood insurance premium rates calculated?
13. If my agent has questions where should he/she call?
14. What processes are available for changing or correcting the information shown on the flood hazard map when large areas of a community are affected?
15. Why is the burden of proof placed on the community or person that requests a map change?
16. What can homeowners do if they believe their homes should not be included in an SFHA?
17. Under what circumstances will FEMA waive the review and processing fee for a map change request?
18. Where can I learn more about the National Flood Insurance Program?
19. Why did a lien show up on the property report in February 2020?
20. How do I obtain a flood elevation certificate for my property?