Flood Insurance Program Extended


Tuesday, October 5th 2010, 2:25 pm
By: News 9


News9.com

OKLAHOMA CITY – Insurance Commissioner Kim Holland urged Congress to extended The National Flood Insurance Program (NFIP) for one year.

"With severe flooding this year, I am encouraging Oklahomans to carefully evaluate their risks and consider purchasing flood insurance," said Holland. "Flood damage is not covered under a standard homeowner's policy, and it is important to make sure Oklahomans are protected."

Congress settled on a temporary continuation of the program in July, but the President signed a bill into law late last week extending the program for one year.

Holland said she hopes Congress will present a more permanent solution.

"More than one in three claims paid by the NFIP were in moderate- to low-risk communities last year," said Holland. "Every Oklahoman should be aware that a flood can happen almost anywhere."

Oklahoma Insurance Department's Flood Facts:

• More than 16,000 Oklahoma families in nearly 400 communities participate in the National Flood Insurance Program.

• Homeowners in high-risk flood zones are required to purchase flood insurance; however, anyone in a participating community can buy into the program. The NFIP offers a policy for homes in moderate- to low-risk areas for as little as $119 a year.

• In 2009, more than one in three claims paid by the NFIP were in moderate- to low-risk communities.

• Unless purchased at the same time you buy your home, flood policies take 30 days to go into effect.

• Premiums average about $500/year.

CONSUMER RESOURCES

www.ok.gov/oid/flood_insurance.html

www.FloodSmart.gov

www.fema.gov/business/nfip

• For more information consumers are encouraged to contact the Oklahoma Insurance Department's Consumer Hotline at 1-800-522-0071.