Flood Insurance

Typical homeowner’s insurance policies do not cover damage caused by floods. However, because Winchester participates in the National Flood Insurance Program (NFIP), property owners can purchase a separate flood insurance policy. This insurance covers losses and damage to a property caused by a flood up to $250,000. It is backed by the federal government and is available to everyone, even properties that have been flooded before. Property owners do not have to be located in a designated flood-hazard zone to be eligible to purchase flood insurance either. Nationwide, 1/3 of the flood-loss claims are from properties located outside of the mapped 100-year floodplain. Flood insurance may be purchased by contacting your local insurance agent. Visit the FloodSmart resource to find one.

Flood Insurance Requirement

All federally backed lending institutions require flood insurance before providing loans to purchase, renovate, or refinance properties located in a Special Flood Hazard Area (SFHA). This insurance is required by law and cannot be waived unless FEMA issues a Letter of Map Amendment (LOMA) stating that the structure is not located in the floodplain. Flood insurance is not required if only a portion of the property, excluding the primary structure is located in the 100-year floodplain. To obtain a LOMA, the property owner must submit elevation information to FEMA certifying that the lowest adjacent ground elevation next to the building, as well as the lowest floor elevation (this includes the basement floor or the elevation of the crawl space if there is no basement), are both above the base flood elevation (BFE).

Additional Property Flood Policies
Standard flood insurance policies cover only the building’s structure and not its contents. Property owners can purchase an additional “personal property flood policy” to cover the loss of personal goods up to $100,000. Access some general guidelines on what is covered under the building and personal property policies, respectively.