County in first phase of NFIP

Alleghany County residents seeking flood insurance can now acquire it through local insurance agents, but some limits will apply for a period of time.

According to a news release from the National Flood Insurance Program, the county's residents could begin enrolling as of Dec. 23, 2002, but only under the program's Emergency Phase.

However, there is a 30-day waiting period after application before the coverage goes into effect.

Earlier, County Planner Jack Conaway had stated that he hoped the county could enter the program in the regular phase, bypassing the Emergency Phase. However, notification by the Federal Emergency Management Agency (FEMA) indicates that the county will have to take the process step-by-step. FEMA implements the NFIP.

In order to take part in the program, the county was required to pass a flood plain management ordinance, which was approved in November of 2002. The county's flood plain management ordinance, which officially took effect on Jan. 1, regulates construction and other work in flood-prone areas near waterways.

For single family homes, the limit is $35,000 for the structure and $10,000 for the contents. Renters may purchase insurance coverage for the contents of their homes as well. For commercial properties, the coverage limit is $100,000.

The average cost of the insurance is slated to be about $400 per month for residential home flood insurance.

The NFIP covers any landowner or tenant in a county that is participating, like Alleghany, no matter whether their home is located in a designated flood area or not. Those seeking loans from most banks will be required to purchase flood insurance, along with their regular homeowners insurance.

Anyone with a loan on a dwelling in a designated flood area may be required to purchase flood insurance by their bank. Banks with any connection to the federal government, such as FDIC (Federal Deposit Insurance Corporation), must require flood insurance from those seeking loans.

The policies are underwritten by the federal government, but are issued by local insurance agents. Generally, most insurers that offer home insurance may also offer flood insurance.

After the initial Emergency Phase ends, higher limits of coverage will be available, up to the value of the home and/or contents.

In addition, once the first phase has ended, coverage will be based on actual risk rather than standardized rates. This means that those in areas of higher flood danger will be required to pay higher premiums, while those in areas of less risk will pay lower premiums.

There are more than 4 million flood insurance policies in the more than 19,000 participating communities nationwide.

Flood Data

The flood data for the county is available on the county's GIS system. The data is provided along with the county's tax maps as an overlay, giving property owners a more accurate picture of where their property lies in relation to the flood hazard area.

To see if your home is located in a flood area, visit the website at www.webgis.net/alleghany.

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