Reno Nevada Flood Insurance

If you were to ask one hundred people what words came to mind when they heard the words, “Reno, Nevada,” you might hear one hundred different responses. Many things come to mind when one thinks about Reno, but of those one hundred responses, chances are that none of them would reference the flood risk that affects portions of the Reno area.

What? Flood risks in Reno? That’s right- courtesy of the Truckee River, Reno has several areas of land classified as Special Flood Hazard Areas (SFHAs) by the Federal Emergency Management Agency (FEMA). The SFHA classification signifies that homes and businesses along the Truckee River have a 1-in-4 chance of being subjected to flood waters at least one time during a thirty year period.

Any property that is located within a SFHA is required by law to be covered by some type of flood insurance policy. The intent behind this requirement is to ensure that all property owners have sufficient financial protection against the excessively high costs that are associated with flood damage and will allow them to rebuild and refurnish their home or business to their original state, should the need arise.

When first faced with the flood insurance requirement, many people will ask the seemingly logical question: “Doesn’t my regular insurance policy already cover this?” Typical insurance policies will cover many issues, but the unpredictable nature and high costs of floods and their related damages have caused many insurers to opt out of providing flood coverage. As a result, Reno property owners need to consider other options to obtain flood insurance

The first option for flood insurance coverage is the National Flood Insurance Program (NFIP). The NFIP is a government-backed organization, and policies are made available from the program through local, regional, and national insurance agencies. Policy premiums obtained through this program are also subsidized by the government, in order that policies can be made affordable to as many property owners as possible.

A second, and newer option for Reno property owners, is the National Catastrophe Flood Insurance Program (NCIP). The NCIP is underwritten by private insurers who tout the benefits of the program, including lower premiums, more comprehensive coverage, and higher coverage limits.

Because a flood can occur at any time and be triggered by any number of natural events, it is important to be prepared at all times. This means that property owners should begin taking steps to obtain flood insurance coverage as soon as possible, due to the fact that policy activation does not occur immediately after application. In fact, activation of a policy occurs anywhere from 15 to 30 days after approval, depending on the coverage provider.

Floods are probably not first and foremost on the mind of any property owner in Reno, Nevada, but that doesn’t mean the issue is unimportant. Simple steps taken now can provide protection against high flood costs and the peace of mind that comes with knowing you are protected in case the rare and unpredictable should ever happen. Contact us now for more information about the Reno 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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