Flood insurance well worth premium cost

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Spring rains and snow melt often produce localized flooding. Severe storms can cause localized flash flooding. |ret||ret||tab|

Many Missourians who live near water have never experienced flooding and assume the federal government will help them recover in the event of a flood. Many also assume their basic homeowner's insurance policy will cover damages incurred as a result of a flood. |ret||ret||tab|

However, only 10 percent of all flooding disasters receive a presidential declaration which means there is limited financial assistance for people, and most basic homeowner's policies do not provide coverage for flood damage.|ret||ret||tab|

"Flood insurance pays flood-related claims regardless of a presidential disaster declaration. In localized flooding, residents with flood insurance can repair their homes, replace their possessions, and recover faster than people without flood insurance," Tim Smith, who is the flood plain administrator for Greene County, said in a press release from the Springfield-Greene County Emergency Management Office. |ret||ret||tab|

In 1993, it was estimated that 216,000 Missourians lived in the flood plain, yet there were only 22,000 flood insurance policies in force. Those figures roughly translate into only one in 10 having flood insurance who might need it. |ret||ret||tab|

According to the release, a common misconception about flooding and flood insurance is that flood insurance is expensive and federal assistance is free. In a federally declared disaster, the Federal Emergency Management Agency offers help for temporary housing, minimum essential repairs and disaster unemployment insurance. |ret||ret||tab|

During the 1993 floods in the St. Louis area, the average individual and family grant was $2,500. Many Missouri businesses and residents still had to obtain low-interest Small Business Administration loans just to start repairing their property and replacing their possessions. |ret||ret||tab|

In 1998, Missouri received two presidential declarations for flooding. The average individual and family grant for residents who suffered damages from the 1998 floods in Kansas City was $1,277. |ret||ret||tab|

The cost for a $50,000 flood insurance policy is $166 annually, depending on location. Over an 18 year repayment period, the borrower can expect to pay approximately $320 a month for a $50,000 SBA low interest home-damage loan.|ret||ret||tab|

"I don't need flood insurance; I've never flooded before," is a common statement from those who do not buy flood insurance, according to the release. The Emergency Management Office urges those living near flood plains to consider the fact that more buildings, roads and parking lots are built on what were forests and meadows. If water cannot be soaked up by the ground, runoff can cause flooding to areas that have never flooded before. |ret||ret||tab|

Because Greene County and Springfield are among the 554 participating communities in the National Flood Insurance Program, people may purchase federally backed flood insurance with a homeowner's policy. |ret||ret||tab|

As participating communities, Springfield and Greene County agree to regulate development in the 100-year flood plain, which should reduce the vulnerability to flood damage. |ret||ret||tab|

One such regulation is that developers are required to elevate the lowest floor of buildings at least one foot above flood stage.[[In-content Ad]]