Sunday, August 15, 2010
Flood Insurance is rarely in the news. So, imagine my surprise when I see it on the front page of Saturday's Metro Section of The Washington Post.
The County of Fairfax in VA recently redrew its Flood maps. This revamp caused some areas to now be considered flood zones. Owners of properties in flood zones are often required to purchase flood insurance by their lenders. If you live in one of the new flood zones in Fairfax County, you might be getting a call from your lender soon.
Here's a link to the full article on The Washington Post's site:
Flood & Water damage are standard exclusions on Homeowners & Commercial Property policies. Individuals and businesses purchase Flood insurance through insurance carriers approved by the National Flood Insurance Program (NFIP). The insurance companies collect the premiums, issue the policies and adjust the claims; but the NFIP pays the claims. All rates, zones, & coverages are dictated by the NFIP. The article mistakenly states that private insurers can charge more. As I understand it, carriers can only charge the federally-dictated rates.
For more on Flood Insurance, see my prior post: Flood Insurance Facts.