Boulder City Nevada Flood Insurance

Boulder City, Nevada is known as one of several things. First- it is known as one of only two towns in the state that ban gambling. Second- it is known as one of the top places to retire in the United States. Third- it is known as “The Best City by a Dam Site,” due to its proximity to the Hoover Dam. With so many positive and interesting facts known about the city, the fact that it has several flood-prone areas may go unnoticed. But simply because the threat remains unnoticed does not mean that property owners in the city should not carefully consider their risk for flooding and purchase a flood insurance policy.

The areas most prone to flooding in Boulder City are known as Special Flood Hazard Areas (SFHA) by the Federal Emergency Management Agency (FEMA). These SFHA have a one-in-four chance of flooding during a thirty-year period, a chance determined by extensive hydrological and statistical studies of the city. The SFHA in Boulder City are located near and along most drainage channels, storm drains, and culverts. It is important to remember that while properties in SFHA have a higher risk of flooding, any property in Boulder City can be subjected to floodwaters.

If any property in Boulder City is financed by a federal mortgage and located within a SFHA, the property owner is required to carry a flood insurance policy. Many private mortgage providers are now also requesting that property owners obtain coverage, regardless of whether they are located within a SFHA or not. The reason behind these requirements and requests is not to make property owners struggle to pay additional premiums or fill out additional paperwork, it is to protect the finances of the property owner. Unbeknownst to many, standard insurance policies do not cover the cost of damages that occur from natural floods. Without a flood insurance policy, home and business owners are left to pay flood damage costs out-of-pocket or with loans.

For the Boulder City property owner who wishes to protect their finances with a flood insurance policy, the first step is to review the two flood insurance programs currently on the market and determine which one best fits their needs. The oldest program, the National Flood Insurance Program (NFIP), is a government-funded program that provides flood insurance policies that can be purchased through local, regional, and national insurance carriers.

A second program is the National Catastrophe Flood Insurance Program. The NCIP is privately underwritten and is available in a select number of states, including Nevada. Proponents of the program are impressed by the higher and more comprehensive levels of coverage provided through NCIP policies, as well as the lower premiums most policyholders pay.

Regardless of which program best fits the needs of a Boulder City, Nevada resident, it is important that the decision be made in a timely manner. Insurance policies are not immediately activated, and the waiting periods for NFIP and NCIP policies are thirty and fifteen days after initial policy approval, respectively. Contact us now for more information about the Boulder City Nevada flood insurance.

All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.

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