City of Storm Lake residents are now allowed to purchase federally-backed flood insurance.
According to a press release, this availability follows the community’s adoption and enforcement of ordinances to reduce flood losses and acceptance by the National Flood Insurance Program. More than 22-thousand communities nationwide have obtained federal flood insurance.
The City of Storm Lake is a participant in the NFIP, which went into effect back on January 9th. Storm Lake residents will be able to purchase flood insurance up to the limits under the regular phase of the program. There is a 30 day waiting period before the flood insurance coverage goes into effect.
The building coverage limit for single-family dwellings is 250-thousand dollars, and the contents coverage limit is 100-thousand dollars. Renters can also protect their belongings by purchasing content coverage. For commercial properties, the building and content coverage limit are both 500-thousand dollars.
Lenders must require borrowers whose properties are located in the designated flood hazard area to purchase flood insurance as a condition of receiving a federally backed mortgage loan in accordance with the Federal Disaster Protection Act of 1973.
The National Flood Insurance Program is implemented through the Federal Emergency Management Agency.
