Did You Know?
- You get a discount on your flood insurance premium because the Town participates in the National Flood Insurance Program (NFIP) Community Rating System (CRS).
- Homeowner’s insurance policies do not cover losses due to flooding.
- Flood insurance is mandatory for federally backed mortgages on buildings located in the special flood hazard area, which includes the entire town.
- Most condominium association’s flood coverage will only cover common areas.
- If your subsidized flood insurance policy lapses beyond 30 days more than once you will not be eligible for a subsidized rate when you reinstate your policy.
- If your subsidized flood insurance policy lapses beyond 90 days one time you will no longer be eligible for a subsidized rate.
National Flood Insurance Program (NFIP) and Community Rating System (CRS)
The U.S. Congress established the National Flood Insurance Program’s (NFIP) with the passage of the National Flood Insurance Act of 1968. The NFIP is a Federal program enabling property owners in participating communities to purchase insurance as a protection against flood losses in exchange for State and community floodplain management regulations that reduce future flood damages.
The NFIP Community Rating System (CRS) is a voluntary incentive program that recognizes and encourages community floodplain management activities that exceed the minimum NFIP requirements. In exchange for a community’s proactive efforts to reduce flood risk, policyholders can receive reduced flood insurance premiums for buildings in the community.
The Town of Redington Shores participates in the NFIP, making federally backed flood insurance available to you. The Town also participates in the CRS, which provides you with a discount on your flood insurance premium.
Flood Insurance Discount
The Town of Redington Shores participates in the National Flood Insurance Program (NFIP) and the Community Rating System (CRS) and currently has a rating of 6 with 10 being the lowest and 1 being the highest rating. Each rating below 10 gains property owners in Redington Shores a 5% reduction in their flood insurance premiums. Since Redington Shores is currently rated at 6, we enjoy a 20% reduction. If you haven’t already done so, you need to advise your insurance agent that Redington Shores has a NFIP/CRS rating of 6 at this time, so you receive the proper discount. Insurance writers should know this now, but it is best to check. Remember normal homeowners insurance does not cover flood damage. Also you must have flood insurance to participate in some grant programs.
Please note: Preferred Risk Policies, applicable in Zones B, C, and X, on our community’s NFIP Flood Insurance Rate Map are not eligible for the CRS discount. Standard rated flood insurance policies in Zones B, C, X, D, AR ad A99 are limited to a CRS discount of ten percent in Class 1-6 communities and five percent in Class 7-9 communities. The rates for these zones already reflect significant premium reductions.
Find Out How Much Flooding Could Cost You
All it takes is a few inches of water to cause major damage to your home and its contents. This page provides important information to help National Flood Insurance Program (NFIP) policyholders, insurance agents and others understand letters all NFIP policyholders will be receiving each year, starting in January 2017.
Get Flood Insurance for Your Home, Business, or Rental.
You are not covered for flood damage under your homeowner’s or tenant’s insurance, these policies specifically exclude flooding. The entire town is prone to flooding, so you should consider getting flood insurance.
Flood insurance covers you for damage to your home, business and contents due to surface accumulation of water from inland or tidal flooding and erosion due to flooding.
Don’t assume that you’re safe from flooding just because you live on the third floor of your condo building. If a severe flood wipes out the ground floor of your building, all of the other units in the building (including your own) may become uninhabitable as well.
Flood insurance rates are calculated based on a variety of factors, including FEMA flood zone , structure elevation, and building construction. Policies can be purchased for contents only, building only, or both contents and building coverage. Getting an Elevation Certificate will help agents properly rate your policy.
Flood insurance has a 30 day wait period before coverage starts, so you will not be insured if you wait until a flood forecast to take out your policy.
Click here for flood insurance technical assistance.
Get an Elevation Certificate for an Accurate Rating
An Elevation Certificate (EC) is an administrative tool of the National Flood Insurance Program (NFIP) used to provide elevation information necessary to ensure compliance with community floodplain management ordinances and to determine the proper insurance premium rate.
If an Elevation Certificate has been prepared for your property and it was submitted to the Town, you can get a copy by clicking here or contacting the Town at (727) 397-5538.
Find a Flood Insurance Agent
Flood insurance protects your home. But, before you protect your home, you’ll need to find an agent who lives near it. Visit floodsmart.gov to locate an agent near you.
Flood Insurance FAQ
HOW MUCH FLOOD INSURANCE COVERAGE IS AVAILABLE?
Flood coverage limits for a standard flood policy are:
- One to four-family structure $250,000
- One to four-family home contents $100,000
- Other residential structures $500,000
- Other residential contents $100,000
- Business structure $500,000
- Business contents $500,000
- Renter contents $100,000
An excess flood insurance policy allows you to cover your buildings value when it exceeds the maximum available limits of the policy. Contact your insurance agent to determine exact coverage options.
IS FLOOD DAMAGE FROM WIND-DRIVEN RAIN COVERED?
No. When rain enters through a wind-damaged window or door, or comes through a hole in a wall or roof, the NFIP considers the resulting puddles and damage to be windstorm-related, not flood-related.
Flood insurance covers overflow of inland or tidal waters and unusual and rapid accumulation or runoff of surface waters from any source. However, the flood must be a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is yours). Although flood insurance specifically excludes wind and hail damage, the good news is that most homeowners insurance provides such coverage.
IS FLOOD DAMAGE FROM SEWER BACKUP COVERED?
No. Sewer backup insurance, coverage for damages caused by backup through sewer and drains, is available on most homeowners and commercial policies, usually as an additional rider. There is a limit on coverage and a separate deductible. Sewer backup insurance may or may not also cover damage due to sump pump failure or power interruption, and does not cover damage from surface water or foundation seepage. Average policy coverage of $5,000-$10,000 costs $75-$150 per year. Sewer backup insurance may not be available in high risk flood hazard areas.
WHAT WILL MY FLOOD INSURANCE PREMIUM COST?
It is essential that you speak with your insurance agent to determine exact costs. For a general idea of how much your premium may cost click here.
Visit www.floodsmart.gov for more information.