Las Vegas Nevada Flood Insurance

Las Vegas, Nevada is known for many things: bright lights, high rollers, and more shows that one person could ever see. That is the Las Vegas that tourists know, but residents know it for other things, such as sunny weather, green spaces, and flood risks. Wait? Las Vegas is known for its flood risks? Actually, no. While all the other attributes mentioned above about Las Vegas are true, the flood risk isn’t a well-known fact.

With much of the weather being hot and sunny with minimal precipitation, Las Vegas does not appear to have much, if any, risk for floods, especially when compared to other cities located along larger rivers, the Gulf of Mexico, lakes, or oceans. But interestingly enough, there are locations in Las Vegas considered to be at high enough risk for flooding that the Federal Emergency Management Association (FEMA) has designated them as Special Flood Hazard Areas (SFHAs).

SFHAs are locations that have a 1-in-4 chance of being flooded at some point during a 30 year period. While this does not seem like a statistically significant probability worthy of special designation, there are other issues to consider. First and foremost, the cost of flood-related damages is exceptionally high and more than the average could afford out of pocket. Second, most standard insurance policies do not provide coverage for natural flood related damage. So while a 25% chance spread out over 30 years may seem like nothing to most people, each of these issues are potentially devastating. For that reason, taking proper precautions and purchasing flood insurance to protect against the high flood related damages is very important.

For property owners looking to purchase a flood insurance policy, the National Flood Insurance Program (NFIP) is one source. The NFIP is a government-backed program, and policies can be obtained through local, regional, and national insurance agents. Policy premiums can be subsidized by the government, so as to make them more affordable for property owners.

A second option for Las Vegas property owners is to obtain a policy through the National Catastrophe Flood Insurance Program (NCIP). The NCIP is underwritten by private insurers, who tout the program as having lower premiums, higher coverage limits, and more comprehensive coverage. NCIP policies are also activated in a shorter length of time, at fifteen days after approval rather than the thirty required by the NFIP.

From a financial perspective, the best way to prepare for a flood is to obtain a flood insurance policy. Initially, the premium may seem like an extra cost to a home or business owner, but in the event that a flood should occur and result in damages to property, the cost of the premium will be negligible compared to the cost of repairing the flood damages. Property owners in Las Vegas should take time now to determine what type of policy best fit their needs and begin the application process as soon as they are able, rather than waiting until it is too late. Contact us now for more information about the Las Vegas 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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