25 Aug Ely Nevada Flood Insurance
On paper, the climate and geography of the small mining town of Ely, Nevada seems very attractive. Cool to moderate temperatures, combined with lots of sunshine and limited amounts of rain all located on picturesque and sloping terrain is more than enough to make Ely a wonderful place to call home. But sometimes, even wonderful little towns are subjected to natural disasters, and Ely is no exception. Here, the risks of floods is high enough that residents and property owners should take the threat seriously and consider purchasing flood insurance. Across the United States, the Federal Emergency Management Agency (FEMA) has performed countless hours of hydrological and statistical data to determine what areas of the country are at a high risk of flooding. Any swath of land with greater than a one-in-four chance of flooding during the course of a thirty year period are considered Special Flood Hazard Areas (SFHA). In Ely, the most heavily populated areas are located in a SFHA.
| How Much Does an Inch of Water Cost?One inch of floodwater in a 1,000 sq ft property can cause $10,000 in damages. The same amount of water in a 2,000 sq ft property can cause $20,000 in damages. For every additional inch of water, the cost increases by $2,500-4,000. |
Ely property owners who own homes financed by federal mortgage programs are likely already aware that they must obtain flood insurance policies for their property. Many private mortgage companies also recommend flood coverage for properties located both in and out of SFHAs. After having to pay many other expenses to maintain a home or business, property owners may be hesitant to purchase a separate flood insurance policy and may question the necessity. In short, flood insurance policies are recommended to protect Ely property owners from the financial devastation that can occur as a result of flood damages. Even as little as an inch of floodwater can cause as much as $10,000 worth of damages. When heavy rains or melting snowpack rush down the slopes to Ely and overwhelm drainage systems, floodwaters can accumulate much higher than one inch and can cause much more damage. Standard homeowners or rental policies do not cover repair costs for flood damages, and without a flood insurance policy, Ely residents would have to pay these high costs out-of-pocket. To obtain a recommended flood insurance policy, Ely property owners can choose from one of two insurance programs. The first, the National Flood Insurance Program (NFIP), is a federally-funded venture that is offered through local, regional, and national insurers. The second, the National Catastrophe Flood Insurance Program (NCIP), is a newer program offered in a select number of states and underwritten by a private insurance company. Ely residents should carefully examine each program and determine which best fits their needs. The NFIP offers subsidized premiums for insurees who take certain preventative steps to mitigate their flood risks, while the NCIP is reported to offer lower premiums in the first place. Both programs provide the coverage needed to repair damages and replace contents of homes or businesses, but the NCIP typically offers higher coverage limits and more comprehensive coverage. Purchasing a flood insurance policy is an important decision, but one that will ensure financial protection against the high costs of any damages that results from floodwaters. Contact us now for more information about the Ely 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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