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Last modified: Tuesday, February 10, 2009 3:28 PM CST
N. Dakotans urged to review flood insurance
by Erin C. Hevern • Daily News
With record snowfall documented in North Dakota this winter, Gov. John Hoeven is encouraging homeowners to review their insurance policies to verify they have adequate flood insurance.
The record snowfall could put homeowners and businesses across the state at risk for flooding during the spring melt.
Typical homeowners insurance policies don't cover for flooding, said FEMA Flood Insurance Specialist Barbara Fitzpatrick.
Fitzpatrick, with Richland County Emergency Manager Brett Lambrecht, recommend to those without flood insurance to consider purchasing a policy, if not for piece of mind, to be prepared in the event the area sees flooding in the spring.
The latest National Weather Service outlook puts the chance of flooding at more than 90 percent in the Fargo area, and at approximately 50 percent in Wahpeton, Grand Forks, Grafton and Drayton.
Lambrecht warned against delaying the purchase of flood insurance as there typically is a 30-day waiting period before a policy underwritten by the National Flood Insurance Program (NFIP) becomes effective.
"If they are flooded, flood insurance will cover their flood damages whether there is a presidentially declared disaster or not," Fitzpatrick said.
Federal disaster assistance declarations are issued in less than 50 percent of flooding events.
In a community that participates in the National Flood Insurance Program, a person can purchase insurance to cover both the building and its contents. Although it comes in the form of one fee, Fitzpatrick said building and contents coverage must be applied for separately through an agent or private insurance company backed by the federal government.
Preferred risk policies are also available to homeowners or business owners in a low or moderate risk zone.
Although rates differ slightly, depending on the type of policy, flood insurance costs remain the same wherever purchased because rates are set by the NFIP.
Lambrecht said for those not mapped in the flood zones, purchasing flood insurance may be worth buying now. The premium for an NFIP policy, averaging a little more than $400 a year, may be two to three times less than if the area were remapped, entered into a flood hazard zone and then a policy was purchased.
If a person already has a flood insurance policy before the new set of Flood Insurance Rate Maps (FIRMS) goes into effect, Fitzpatrick said, they're "grandfathered" in.
"Flood insurance protects you from the financial devastation caused by floods," states Floodsmart.gov, the official Web site of the NFIP.
According to the same Web site, even just one inch of water can cause damage to baseboard molding, carpet and flooring, drywall, furniture, and much more, resulting in nearly $8,000 in recovery costs for a home or business owner.
Coverage can apply to flooding as a result of heavy rains, snow melt, blocked storm drainage systems, levee dam failure, or other causes.
To be considered a flood, the waters must cover at least two acres or affect at least two properties.
"If they have flood insurance and they have the proper coverage they're going to have a much better chance of recovering from disaster," Fitzpatrick said.
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