25 Aug Fernley Nevada Flood Insurance
Over the years, many irrigation ditches, levees, and dams have been constructed to direct the flow of floodwaters away from low-lying residential areas of cities like Fernley, Nevada towards uninhabited wetlands, farm fields in need of irrigation, and lakes. These systems may create a false sense of security, with residents neglecting to purchase flood insurance policies with excuses like “the levee will protect me.” But as residents of Fernley know, levees and other flood control devices are fallible and do not provide 100% protection from floodwaters. This is why it is important for residents of this city to carefully consider all the information and purchase a flood insurance policy.
The Federal Emergency Management Agency (FEMA) has designated several areas of Fenley as Special Flood Hazard Areas (SFHA). Properties in these SFHAs, most located in a spillway north of the Truckee Canal, have a one-in-four chance of being subjected to floodwaters at some point during a thirty-year period. Any homes financed by a federal mortgage must be covered by a flood insurance policy if they are located within a SFHA, and all others are strongly encouraged to obtain coverage.
| What Can a Flood Do?
In January 2008, floodwaters struck the city of Fernley, Nevada. The floodwaters: – damaged over 300 homes. – were six to eight feet in depth in some areas. – trapped eighteen people who required extraction assistance to reach safe land. |
Why is it so important that Fenley properties be covered by flood insurance policies? In short: finances. As little as one or two inches of floodwater can result in tens of thousands of dollars in damage to homes and businesses. Many homeowners do not realize until it is too late that their standard insurance policy does not cover damages incurred as a result of floods. Without a flood insurance policy, property owners are left to pay these costs out-of-pocket or with loans. For many individuals, this is a financially devastating scenario.
In order to ensure financial protection against damage costs, Fenley residents can consult officials from one of two flood insurance programs to purchase coverage. The first program to consider is the National Flood Insurance Program. Created by the government in 1968, the NFIP policy is available for purchase through local, regional, and national insurance agencies. Premiums for this program are determined by a number of factors, including a property’s location, actual likelihood of flooding, and whether or not the property owner has taken any steps to mitigate flood damage. NFIP premiums are subsidized by the government in some circumstances.
A second program to consider is the National Catastrophe Flood Insurance Program (NCIP). The NCIP is new to the market and currently available in a select number of states, including Nevada. Unlike the NFIP, the NCIP is privately underwritten. Proponents of the program advertise that the NCIP has higher coverage limits as well as more comprehensive coverage. Policy premiums to date have typically been lower than those of the NFIP.
To best protect themselves from the financial nightmare of replacing and repairing homes and belongings after a flood, Fenley, Nevada residents are strongly encouraged to consider all of their flood insurance policy options and make a timely decision to obtain flood insurance coverage. Contact us now for more information about the Fernley 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.