FEMA shares common myths and facts about flood insurance

Floods are the most common and costly natural disasters in the United States. Property owners who live in communities participating in the National Flood Insurance Program (NFIP) can purchase affordable protection to insure against flood losses.

Yet, many property owners often have misconceptions about flood insurance, such as whether they can get it, when they can buy it, and how much it costs, etc.

Here are some of the most common myths and facts about flood insurance and the NFIP.

Myth: You can’t buy flood insurance if you are located in a high-risk flood area.

Fact: You can buy federal flood insurance no matter where you live if your community participates in the NFIP. The NFIP was created in 1968 to provide flood insurance to people who live in areas with the greatest risk of flooding, called Special Flood Hazard Areas (SFHAs), also known as the 100-year floodplain, or the regulatory floodplain. Under the National Flood Insurance Act, lenders must require borrowers whose property is within an SFHA to purchase flood insurance as a condition of receiving a federally backed loan.

Flood insurance on homes and businesses located above or outside a floodplain is very affordable; insurance for homes in SFHAs may cost substantially more.

Myth: You can’t buy flood insurance immediately before or during a flood.

Fact: You can purchase flood coverage at any time. There is a 30-day waiting period after you’ve paid the premium before the policy is effective, with the following exceptions:

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