Consider Buying Flood Insurance
Friday June 9, 2023Contact: Julie Robinson, 208-334-4312
julie.robinson@doi.idaho.gov
BOISE, ID (June 9, 2023) – Severe summer storms have occurred across the state, and with that comes a reminder that anywhere it rains, it can flood. The Idaho Department of Insurance (DOI) is urging home and business owners to evaluate their flood risk and consider purchasing a flood insurance policy. A homeowner’s insurance policy does not typically cover flood damage, so policyholders will need a separate policy to be covered.
Those who live in an area with low or moderate flood risk are 5 times more likely to experience flood than a fire in their home over the next 30 years. National Flood Insurance Program (NFIP) data shows that the total number of flood insurance policies in effect in Idaho is just over 5,600.
“Just one inch of water can easily cause $25,000 of damage to your home,” said Director Dean L. Cameron. “Flooding can be an emotionally and financially devastating event. With flood insurance, you’ll be protected in the event of flood damage – whether it’s an inch of water or a major weather event. I strongly advise Idahoans to take steps to safeguard your property .”
Flood insurance policies can be purchased from insurance companies or the NFIP – a federal program managed by the FEMA. However, flood insurance is not something that can be purchased at the last minute. There is typically a 30-day waiting period for a flood insurance policy to take effect. For many, a NFIP flood insurance policy could cost less than $400 per year. The Idaho DOI does not regulate the NFIP or approve its rates.
To find more information or purchase a flood policy, contact your insurance agent or visit www.floodsmart.gov. The Idaho Department of Insurance is available at 208-334-4319 or by going to doi.idaho.gov. More information on flooding and flood insurance can be found at https://doi.idaho.gov/consumers/home-renters-insurance/disasters/.
###
About the Department of Insurance
The Idaho Department of Insurance has been regulating the business of insurance in Idaho since 1901. The mission of the Department is to serve and protect Idahoans by equitably, effectively and efficiently administering the Idaho Insurance Code and the International Fire Code. For more information, please visit us at doi.idaho.gov or email us at consumeraffairs@doi.idaho.gov.