Flood InsuranceDo property owners in Elizabethtown, Mount Joy and Marietta need flood insurance?

What is a flood?  A flood is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow.

Most property insurance policies do not cover damage from flooding!  Since flooding is the most common natural disaster in the United States, it is important to have protection from floods associated with hurricanes, tropical storms, heavy rains and other conditions that can impact your property.

The United States Congress created the National Flood Insurance Program (NFIP) in 1968 to provide a means for property owners to purchase flood insurance. The NFIP offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding.

Congress is continuously making changes to the NFIP.

On July 6, 2012, Congress passed the Biggert-Waters Flood Insurance Reform Act of 2012, also known as BW-12. This act of Congress calls on FEMA to make significant changes to the way the NFIP is operated.

Some of these changes have already occurred.  Others will be implemented in the future. Key provisions of the law will require the NFIP to raise rates to reflect true flood risk.  It will also change how Flood Insurance Rate Map (FIRM) updates impact policyholders.  The changes will mean premium rate increases for most policyholders.

Another significant change for property owners living in here in Elizabethtown, Mount Joy and Marietta is the requirement of an Elevation Certificate for your property.  An Elevation Certificate will be required to calculate the flood insurance premium for properties in a high-risk flood zone.  You may need to hire a State-licensed surveyor, architect, or engineer to complete an Elevation Certificate for your property.

However, Congress has now passed new legislation.  The new law is called Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) that repeal and modify the Biggert-Waters Flood Insurance Reform Act of 2012.

See FloodSmart.gov for updates and more useful information about flood insurance.

The agents at Thome Insurance Agency can also help you with your flood insurance needs.