Mesquite Nevada Flood Insurance

Purchasing a home or a business is a major investment of time, energy, and money. It is because of these investments that most property owners take every precaution necessary to protect their investment. For property owners in Mesquite, Nevada, purchasing a flood insurance policy is one way to protect themselves financially if their home or business is subjected to flood damage.

Standard insurance policies do not provide coverage for flood-related damages. If a Mesquite home was subjected to floodwaters, the owner would be required to pay for damage repairs out of their own pocket or through loans. With a mere inch of water able to cause tens of thousands of dollars in damage, it is easy to see how this could be a financially devastating situation for many Mesquite property owners.

The Federal Emergency Management Agency (FEMA) has compiled hydrological and statistical data to determine areas of high flood risk. These areas are known as Special Flood Hazard Areas (SFHA), and have a one-in-four chance of being subject to floodwaters at least once during a thirty year period. In Mesquite, the SFHAs are located near the Virgin River and other select drainage areas. Any federally-mortgaged properties within the SFHA are required to be covered by a flood insurance policy, while all other properties both inside and out of the SFHA are strongly recommended to be covered.

In order to obtain a flood insurance policy, Mesquite property owners can decide between one of two flood insurance programs. The first provider is the National Flood Insurance Program (NFIP). In existence since the late 1960s, the NFIP is a federally-funded program that is available to all homeowners, regardless of whether or not their home is located in a SFHA. Some policy premiums can be subsidized if the property owner takes certain flood mitigation steps, and premium prices will vary depending on location and actual likelihood of being subjected to flooding.

A second provider for Mesquite residents to consider is the National Catastrophe Flood Insurance Program (NCIP). The NCIP is new to the insurance market, and is privately underwritten. It is currently available in only a select number of states, including Nevada. Proponents of the NCIP state that it offers lower premiums for policies, along with higher and more comprehensive levels of coverage. Each property owner will need to make their own decision as to which program offers the best coverage at the most affordable price.

Once a provider is chosen, Mesquite homeowners should take swift action to purchase a flood insurance policy. Unlike other types of insurance, flood insurance policies are subjected to waiting periods of fifteen to thirty days, during which no coverage is provided. The sooner an individual purchases a flood insurance policy, the sooner full coverage can begin, thus providing financial protection to the property owner.

There are many fees, taxes, and maintenance costs associated with owning a home or other type of property, leaving many homeowners unsure if they are willing to commit to an additional premium for insurance. However, flood insurance may just end up being the most valuable investment that can be made to protect the initial investment of purchasing a home or business. Contact us now for more information about the Mesquite 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.

Taking 2 minutes to complete the quote form may help you to save hundreds! Upon receipt we will provide a quote to you within 2 hours of your request.

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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.

Taking 2 minutes to complete the quote form may help you to save hundreds! Upon receipt we will provide a quote to you within 2 hours of your request.