Fallon Nevada Flood Insurance

Fallon, Nevada may not seem like a hotspot for floods, but that does not mean that residents of the city should count themselves immune from the risk of flooding. In fact, the climate and general geography of the area lend themselves to an increase in flood risks. When heavy seasonal rains fall on the generally hard and dry land, the rainwater is likely to run across the land rather than be absorbed. Following the laws of gravity, the water will rush to the lowest point, which in Fallon can be a drain, culvert, or other storm system feature. When rainwater overwhelms these features, flooding becomes an issue.

The Federal Emergency Management Agency (FEMA) designates land that is likely to flood as Special Flood Hazard Areas (SFHA). Properties in a SFHA has a one-in-four chance of flooding at least once in a 30 year period. There are several areas of Fallon classified as SFHAs. Any properties that are both financed by the federal government and located in a SFHA are required by law to be covered by a flood insurance policy. All other property owners in Fallon are strongly encouraged to obtain coverage for their property, regardless of their location or mortgage lender.

Even an inch of water can cause enough damage to result in tens of thousands of dollars in damages. What many Fallon home and property owners may not realize is that their standard insurance policies will not cover flood damages. In the event of a flood, an uninsured property owner would be required to pay these high repair costs out-of-pocket or with loans. Purchasing a flood insurance policy would provide the coverage necessary to protect the finances of a Fallon, NV property owner with a flooded property.

To obtain a flood insurance policy, Fallon property owners can use one of two programs. The first is the National Flood Insurance Program (NFIP). A federally-funded program, NFIP policies are available to the public through local, regional, and national insurance agencies. The premiums for these policies are determined by several factors, including location of the property in relation to SFHAs, historical flooding in the area, and flood mitigation steps taken by the owner. NFIP policies are activated thirty days after approval.

A second, more recent, option on the market for Fallon residents is the National Catastrophe Flood Insurance Program (NCIP). The NCIP is underwritten by a private insurer and is currently available in a select number of states, including Nevada. More comprehensive coverage, higher coverage limits, and lower premiums are some of the highlights promoted by providers. The waiting period for NCIP policy activation is shorter than the NFIP, at fifteen days.

Floods can strike anywhere at any time and leave major damage in their wake. When Fallon residents make the decision to obtain a flood insurance policy, they are making the decision to protect themselves financially and provide for the cost of repairs to their investments. A little preparation now will equal much peace of mind in the future. Contact us now for more information about the Fallon 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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