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Important Information on Flood Insurance in Fort Smith
Fort Smith Residents,
We are reaching out to address some common misconceptions about flood insurance and to emphasize its importance, regardless of where you live in Fort Smith.
Many believe flood insurance in Fort Smith is limited to specific areas, but in reality, almost anyone in Fort Smith can purchase flood insurance through the National Flood Insurance Program.
Myths and Facts About Flood Insurance:
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Myth #1: You can’t buy flood insurance if you live in a high-risk flood area.
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Fact: You can buy federal flood insurance no matter where you live if your community participates in the NFIP.
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Myth #2: Disaster assistance is the same as flood insurance.
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Fact: Without flood insurance, most residents must pay out of pocket or take out loans to repair and replace damaged items. Federal assistance isn't always available and isn't enough to restore you to your pre-disaster condition.
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Myth #3: Renters can’t get flood insurance.
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Fact: Renters can get coverage for their personal contents in the home to replace belongings that may be damaged by a flood.
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Myth #4: Not every flood zone has some flood risk.
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Fact: Flood insurance is needed and available in all flood zones.
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Myth #5: You can’t buy flood insurance immediately before or during a flood.
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Fact: You can purchase flood coverage at any time. However, policies typically take 30 days to go into effect. There are exceptions, which you can read about HERE.
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Myth #6: Homeowners insurance policies cover flooding.
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Fact: Many homeowners' policies do not cover flooding.
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Myth #7: Only residents of high-risk flood zones need to insure their properties.
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Fact: Over 40% of NFIP claims in the last five years come from outside high-risk areas. If you live in a minimal flooding area, you may qualify for a low-cost Preferred Risk Policy.
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Myth #8: Federal flood insurance can only be purchased directly through the NFIP.
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Fact: The NFIP partners with over 60 private insurance companies to sell and service flood insurance policies. If you need a provider, use the NFIP insurance provider locator.
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Myth #9: Wind-driven rain is considered flooding.
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Fact: Rain entering through wind-damaged areas resulting in standing water is considered windstorm damage. Federal flood insurance typically covers water that enters your home from the ground up.
The National Flood Insurance Program (NFIP), which is managed by FEMA, provides flood insurance products for everyone. Coverage is available for renters, homeowners, and business owners. If your agent doesn't offer NFIP coverage, find a participating company or agent at www.floodsmart.gov or call NFIP Direct at 800-638-6620.
The above information was gathered from the FEMA website at:
https://www.fema.gov/fact-sheet/myths-and-facts-about-flood-insurance-0
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