25 Aug Elko Nevada Flood Insurance
“The Heart of Northeast Nevada,” Elko is home to 20,000 individuals and an elevated flood risk. With the Humboldt River flowing through the heart of town and Eightmile Creek also running within city limits, the city’s main risk for natural disaster is flooding. For these reasons, flood insurance policies are something that every property owner and renter in Elko, Nevada should carefully consider.
In areas where a property’s historical risk for flooding is at least one-in-four during a thirty year period, the designation Special Flood Hazard Area (SFHA) is assigned. SFHAs are determined by the Federal Emergency Management Agency (FEMA), which uses years of hydrological and statistical data to determine the risk for flooding. Within the borders of Elko, SFHAs are located along the Humboldt River and Eightmile Creek, as well as certain drainage areas and spillways. Areas outside the SFHA are not exempt from flood risks, they simply have a lower risk for flooding than the SFHA.
Any federally-mortgaged property in Elko that is located within a SFHA must be covered by a flood insurance policy, and all other property owners are strongly encouraged to obtain coverage. The reason behind these requirements and recommendations is not to burden property owners with unnecessary premiums, but rather to protect them from financial liability if and when a flood does occur and causes damage to the property.
Many Elko residents may not realize that standard insurance policies do not cover the repairs and replacements that must be made after a flood. Flood insurance policies are the only way to ensure that there is adequate coverage to fix any damage without burdening the property owner. Even as little as an inch of water can result in tens of thousands of dollars in damages to a home or business, and without a flood insurance policy to pay to fix these damages, the property owner would have to pay out-of-pocket or with loans. For many Elko residents, this would be a hardship. For many more, it would be financially devastating.
For the Elko home or business owner who is ready to obtain a flood insurance policy, there are two programs that can be consulted. The first program is the National Flood Insurance Program (NFIP). This is a federally-funded program that is available for purchase through local, regional, and national insurance agencies. Premiums are based upon several factors, including location and actual likelihood of flooding, and can be subsidized if property owners take certain flood mitigation steps.
A second option for Elko property owners is the National Catastrophe Flood Insurance Program (NCIP). The NCIP is a recent arrival on the insurance market, and is available in a select number of states, including Nevada. Individuals familiar with the program state that the financially underwritten program offers higher coverage limits, more comprehensive coverage, and lower premiums.
Whichever program best fits the need of a property owner in Elko, Nevada, it is important to remember two things. First, that flood insurance is important to have to protect a property owner’s finances. Second, that the decision should be made in a timely manner, as the NFIP has a waiting period of thirty days after policy approval, and then NCIP has a fifteen day waiting period. Action taken now provides peace of mind for the future. Contact us now for more information about the Elko 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.
Sorry, the comment form is closed at this time.