FloodSafe Minute: Flood Insurance May Unlock Grants for Reducing Risk
Is your home or business at risk of flooding from hurricanes or rain events? Homes that have flooded repeatedly and have had claims made through the National Flood Insurance Program (NFIP) may be eligible for grants to elevate or demolish and rebuild the structure. Depending on the value and timing of the insurance claims, home and business owners may be eligible for 90%-100% of the costs through the FEMA Flood Mitigation Assistance Grant Program. Home and business owners without claims may be eligible to receive a grant for 75% of the cost to elevate or rebuild. If an insurance policy has lapsed, past policy holders can regain their prioritized status by getting an NFIP policy now.
We are optimistic that the yearly grant application from FEMA will continue this year. The grant is usually open for applications in September. An active flood insurance policy will be required to be eligible to apply. A policy takes 30 days to become active unless it is purchased during the transfer of ownership.
Call an insurance agent for insurance questions/a quote if you do not have flood insurance now or visit floodsmart.gov to get an estimate or referral to an agent.
Severe Repetitive Loss properties can receive 100% and Repetitive Loss properties damaged by flood can receive 90%. If the structure cannot safely be lifted in the current condition due to the anticipated wind loads, reconstruction may be an option.
Get flood insurance now to be eligible for grants to elevate or reconstruct.
A full house value policy is not needed to be eligible for the grant. While the Parish recommends full coverage, this is not always affordable. Ask the agent what level of coverage you can buy with the money you can afford to pay this year and next year if you have an open application. It will take at least 12 months for an application to be approved, and coverage will be required at the time of the application and award. Any NFIP policy meets the eligibility requirement.
Anyone with flood insurance should make claims for damages when it floods. If you receive payments of $5,000 or more from four separate flood events, your property may qualify for Severe Repetitive Loss status, which can make you eligible for 100% funding to elevate your home. Reconstruction is capped at $220,000 for construction and cannot be used in the V zone.
Call your insurance agent now or call the Parish at 985-873-6565 for grant information.
Check out the link below for information on how to make a flood claim and the benefits of flood insurance.
youtube.com/watch?v=OeaI973gFjo
