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Friday, July 11, 2014

Should you buy flood insurance? Option is now available in Clay County

Wednesday, July 9, 2003

Clay County residents are now allowed to purchase Federally-backed flood insurance. The local program went into operation June 6.

There are 19,000 communities nationwide with more than 4 million flood insurance policies in operation.

This new option is part of the county's efforts to adopt and enforce regulations to decrease flood losses. It is part of the National Flood Insurance Program, utilized by the Federal Emergency Management Agency.

According to Clay County Emergency Management Director Gerri Husband, no one in the county has been able to purchase flood insurance because the county did not belong to the NFIP.

This made it hard for people to buy or sell homes located in a flood plain.

It was also difficult for these people to refinance or mortgage their property.

Husband believes that the best part of the program is that homeowners can now get federal assistance if a large scale flood occurs.

That is particularly significant because the county has been under a flood watch much of this week.

"This program offers a win-win situation," Husband says.

Residents will have the option of buying flood insurance to the upper limits covered by the emergency phase of the policy and there is a 30-day waiting period before the insurance is activated.

The limit is $35,000 for a single family home and $10,000 for its contents. Commercial properties have a $100,000 limit.

Renters can also use the insurance to protect their possessions via the contents coverage. Higher limits of coverage will be attainable after the introductory emergency phase.

For further questions contact Husband at 448-8400.



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