Because no retrofitting measure is foolproof, especially against higher, less frequent floods, flood insurance is recommended. If you don't have flood insurance, talk to your insurance agent.
Flood Coverage Facts
- Standard property insurance policies do not cover flood damage.
- A structure in a flood hazard area has a 26 percent chance of flood damage during a 30-year mortgage, as compared to a 10 percent chance of fire.
- The entire building can be lost with a single flood.
- Most property insurance policies do not cover damage caused by flooding. In most cases, there is a 30-day waiting period after you purchase a flood policy before coverage is in effect, so don't wait to secure a flood policy until a flood is threatening.
National Flood Insurance Program
Cascade County participates in the National Flood Insurance Program (NFIP), which makes federally backed flood insurance available for all eligible buildings, whether they are in a floodplain or not. Flood insurance covers direct losses caused by surface flooding, including a river flowing over its banks and local drainage problems.
The NFIP insure buildings, including mobile homes, with two (2) types of coverage: building and contents. Building coverage is for the walls, floors, insulation, furnace, and other items permanently attached to the structure. Content coverage may be purchased separately, if the contents are in an insurable building.
Community Rating System
The Community Rating System (CRS) is a voluntary program administered by the Federal Emergency Management Agency (FEMA). CRS provides lower insurance premiums under the NFIP due to advanced local floodplain management activities. Cascade County currently maintains a CRS Class 8 rating which automatically reduces flood insurance premiums.
Increased Cost of Compliance (ICC) Coverage
If a flood damages your property, you may be required by law to bring your home or building up to floodplain management standards. If you have NFIP insurance and the County has declared the building to be substantially damaged, NFIP may provide up to $30,000 of the cost to elevate, floodproof, demolish, or relocated your building in order to comply with floodplain standards. ICC coverage is in addition to the coverage you receive to repair flood damages. However, the total payout on a policy may not exceed $250,000 for residential buildings and $500,000 for nonresidential buildings. Claims for ICC coverage should be initiated through your insurer.