Tuesday, June 15, 2010

City Now Participating in the National Flood Insurance Program

The City of Milton has now joined over 21,000 communities that now participate in the federally backed flood insurance program. This availability follows the community’s adoption and enforcement of ordinances to reduce flood losses and acceptance by the National Flood Insurance Program (NFIP).

The City is a participant in the NFIP effective May 26, 2010. Residents of the City of Milton will be able to purchase flood insurance through participating insurance carriers up to specified program limits. However, there is a 30-day waiting period before flood insurance coverage goes into effect. For single-family dwellings, the building coverage limit is $250,000, and the contents coverage limit is $100,000. Renters can also protect their belongings by purchasing contents coverage. For commercial properties, the building and contents coverage limits are both $500,000. Lenders must require borrowers whose properties are located in a designated flood hazard area to purchase flood insurance as a condition of receiving a federally backed mortgage loan in accordance with the Federal Disaster Protection Act of 1973.

The NFIP is implemented through the Federal Emergency Management Agency (FEMA). There are over 5.5 million flood insurance policies in more than 21,000 participating communities nationwide.

Click here to access more information on the City's website. For specific information on the overall NFIP program, click here for the official site of the NFIP. You can also find an agent by visiting this website.