Sparks Nevada Flood Insurance

Have you ever heard the city motto for Sparks, Nevada? Certainly unique, Sparks has adopted the phrase, “It’s Happening Here!” as it’s slogan. Perhaps on purpose, the slogan prompts the question, “What IS happening there?” Is it a booming economy? A thriving arts scene? High flood risk areas? Okay, so maybe the slogan is meant to prompt residents and tourists alike to think about the positive attributes of Sparks, the last thought is an important one.

Even though it is located in a typically warm and dry climate, Sparks actually does have several areas that are classified as Special Flood Hazard Areas (SFHAs) by the Federal Emergency Management Agency (FEMA). The classification means that certain homes and businesses in Sparks have a 1-in-4 chance of being subjected to flood waters at least one time during a thirty year period.

Flood damages are not easy or inexpensive to clean up, so FEMA has set out over the last few years to do two things: 1.) Make residents aware of their property’s flood risk and 2.) Protect property owners from the financial nightmare that is cleaning up after flood damages. For this reason, omes and businesses located in SFHAs are required to be covered by a flood insurance policy.

The first time the topic of flood insurance is broached, many people will ask: “Doesn’t my regular insurance policy already cover the cost of flood damages?” While many standard insurance policies will cover many issues, the unpredictable nature of floods and the high costs of damages has caused many insurers to opt out of providing flood coverage. Because of this, Sparks properties may not be insured for flood damages, leaving owners to pay all of the repair costs out-of-pocket if a flood does occur. In order to ensure financial protection against flood costs, Sparks property owners should seriously consider purchasing a separate flood insurance policy.

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. Many times, property owners can receive a subsidized premium through the NFIP, which makes flood insurance all the more affordable.

The second, and newest option for property owners in Sparks is the National Catastrophe Flood Insurance Program (NCIP). The NCIP is underwritten by private insurers and is touted by providers as having lower premiums, more comprehensive coverage, and higher coverage limits than policies from the NFIP.

Floods can happen at any time of the year, brought on by the by-products of a freak thunderstorm in the summer or heavy downpours during the rainy season. In any case, it is important to be prepared at all times. One of the “interesting” caveats associated with flood insurance is the delayed activation of a policy after approval. Depending on which policy a property owner selects, activation could occur 15-30 days after approval.

When the food people of Sparks, Nevada chose their motto, it was meant to prompt positive discussion about their city. But just as importantly, it should prompt conversation about property owners in the city protecting themselves financially against flood damages. Contact us now for more information about the Sparks 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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