Flood Insurance an Option in Pacific Northwest

Many Pacific Northwest residents remain without flood insurance because their home or business hasn't been flooded -yet. However, according to Acting Regional Administrator Dennis Hunsinger, you don't need to live in a mapped floodplain, to need flood insurance.

"National Flood Insurance rates in mapped floodplains are already extremely affordable, but our Preferred Risk rates can be a real bargain-annual premiums start at $119 for building and contents coverage," said Hunsinger. "And statistics show that over one quarter of all claims paid by the NFIP are for policies in low- or moderate-risk communities."

A home can be covered up to $250,000 for the dwelling and $100,000 for contents. Replacement cost coverage is available for single-family, primary residences. Renters can purchase insurance for contents only. Business owners are also eligible for Preferred Risk Flood Insurance. Commercial premiums start at $550 per year for the building or $145 per year for contents only. Non-residential coverage can be purchased for up to $500,000 for the dwelling and $500,000 for the contents.

The Preferred Risk Policy will not be issued if a property owner has received:

• Two flood loss payments of more than $1,000 each;
• Three or more loss payments of any amount;
• Two federal disaster relief payments of more than $1,000 each;
• Three federal disaster relief payments of any amount; or
• One flood insurance claim payment and one disaster relief payment of more than $1,000 each including loans and grants.

For more information, call 1-800-427-4661, or visit: www.floodsmart.gov. At the Web site you can enter your home or business address to view your flood-risk level and find an insurance agent near you who sells NFIP policies.