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Did You Know... Nearly 25% of flood insurance claims come from low-to-moderate risk areas.

Flood Insurance

Flood Costs

New Jersey Flood Insurance

According to FEMA, the number one occurring natural disaster in the United States is flooding. New Jersey Flood Insurance, Inc., through its parent company National Flood Insurance, LLC, specializes in providing flood insurance policies for New Jersey residents and businesses.

Understanding the basics of flood insurance is of paramount importance and the agents at New Jersey Flood Insurance, Inc. have made it their mission to help with that understanding and to clear up common mistaken beliefs.

The #1 Mistaken Belief: Homeowners Insurance policies cover flood damage

Commonly, homeowners insurance policies DO NOT cover damage caused by flooding and a separate policy specifically covering flood damage must be purchased.

The #2 Mistaken Belief: Flood Insurance policies are cost prohibitive

FEMA has determined Preferred Risk Zones (PRZ). If your home or business is located in one of these PRZ zones, as little as $129 a year will be enough to purchase flood coverage.

The #3 Mistaken Belief: A home or business does not need flood insurance coverage because it is not located in a flood zone.

All properties are located in FEMA-determined flood zones with varying degrees of risk level. Anywhere that it rains or snows can flood.

New Jersey Flood Insurance, Inc. and its parent company, National Flood Insurance, LLC, deal exclusively with flood insurance coverage, and retain agents who are knowledgeable about flood insurance and who are happy to share that knowledge. As direct representatives of FEMA, all flood insurance policies are processed through the National Flood Insurance Program (NFIP).

Call -888-900-0404 for a complimentary flood zone determination, flood insurance policy quote, or to simply talk about your concerns and questions. Please call us today!

What is the history of the NFIP?

Addressing national flood issues began in the mid-twentieth century with the construction of canal systems, dams, levees, and other mitigating efforts. After a careful review of flood insurance during the 1920s, it was concluded that premiums would prove to be far too costly for the average American and that only the owners of properties located in high risk areas would bother purchasing coverage. It was for these reasons that the insurance industry viewed flood insurance coverage as an unviable option. With no private insurance companies offering flood insurance coverage, Congress recognized that flooding was a serious problem for people living in flood plains and could potentially bring astronomical costs of repair and recovery to those who could least afford it.

Thus, the National Flood Insurance Act was created in 1968. The Act allowed for the formation of the National Flood Insurance Program (NFIP) which was created to offset high insurance premium costs, encourage development in non-hazardous areas, and require tougher building construction codes to curtail the damage caused by floods. During its initial stages, the NFIP was overseen by the Department of Housing and Urban Development (HUD).

Less than 100,000 flood insurance policies were in existence in early 1972. Hurricane Agnes arrived later that year to change everything. She devastated a vast portion of the eastern United States, causing nearly $4 billion in damages. After Congress investigated, it came to light that flood insurance coverage was carried by very few buildings. This revelation allowed for the 1973 creation of the Flood Disaster Protection Act (FDPA) which amended the National Flood Insurance Act.

The FDPA of 1973 made receiving federal aid or loans for federal disaster assistance from banks insured by the federal government contingent on first having flood insurance coverage.

In 1979, the newly-created Federal Emergency Management Agency (FEMA) became the overseeing agency for the Federal Insurance Administration and the NFIP. When the 1970s came to a close, flood insurance policies numbered nearly 2 million.

Over 230,000 Flood Insurance Policies in effect in New Jersey

There are currently over 230,000 flood insurance policies in place for the residents of New Jersey. Nationally, that number has risen well-beyond 5.6 million. Significant changes have also been made over the years to the NFIP, most notably the establishment of the Community Rating System during the 1990s, and a grant program for mitigation projects and plans.

Additionally, more than 20,000 communities in the United States and United States-held territories have had flood insurance made available, and nearly 100 private companies now offer nationwide flood insurance backed by the federal government. Because of the NFIP, millions of taxpayer dollars are saved every year when it comes to disaster recovery.

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