25 Aug Caliente Nevada Flood Insurance
The town of Caliente, Nevada gets its name from the hot springs located nearby. Water features such as hot springs are supposed to be calming and therapeutic. But when heavy rains come to town, a more unwelcome water feature appears: flood waters. Courtesy of the Clover River, several washes, and a sloping terrain; Caliente is at risk for flooding any time the rain falls too hard or too quickly. With risks like these, purchasing flood insurance becomes a very important consideration that should be made as soon as possible.
Over the years, the Federal Emergency Management Agency (FEMA) has performed statistical and hydrological studies on locations all across the United States, including Caliente. Any time an area is shown to have a one-in-four chance of flooding at least once during a thirty year period, it is considered a Special Flood Hazard Area (SFHA). Nearly the entire town of Caliente has been deemed a SFHA, with floodwaters potentially accumulating one to three feet in some areas.
| Did You Know?
Across the state of Nevada, less than 1% of properties at-risk for flooding are adequately protected from the high cost of flood damages by a flood insurance policy. |
Even an inch of water could result in damages costing at least $10,000. Caliente residents may be unaware that their standard insurance policies do not cover the cost of repairing these damages, leaving them to pay the high cost out-of-pocket or with loans that need to be repaid. For many individuals, this type of damage coupled with a lack of insurance coverage results in financial devastation.
If a property owner in Caliente chooses to protect themselves financially through an insurance policy, there are two insurance programs from which to choose. The first is the National Flood Insurance Program (NFIP). The NFIP provides federally-funded policies to Caliente residents through local, regional, and national insurance providers. The premiums for NFIP policies are determined based on a number of factors, including: actual likelihood of flooding, flood mitigation steps taken by the property owner, and property location.
A second insurance program that is available to Caliente property owners is the National Catastrophe Flood Insurance Program (NCIP). This is a newer option on the market, currently available in a select number of states, including Nevada. The NCIP is underwritten by private insurers and available primarily through smaller, local or regional insurance carriers. Benefits of the NCIP, as reported by proponents of the program, include higher and more comprehensive limits, as well as lower and more affordable policy premiums.
Whether a Caliente, Nevada resident chooses to obtain a policy from the NFIP or the NCIP, it is important to remember that time is of the essence. Flood insurance policies are not immediately made active upon approval. Instead, policyholders must go through a “waiting period” after approval, which can last anywhere from fifteen to thirty days.
Floods can strike nearly anywhere at nearly any time. By purchasing a flood insurance policy, residents of Caliente can obtain both financial protection against flood damages should a flooding event occur as well as the peace of mind that accompanies the knowledge that they are financially protected. Contact us now for more information about the Caliente 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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