October 23, 1997 - When building or buying a home within a special flood hazard area (AFGA,
as mandated through the Federal Emergency Management Agency) utilizing federal
assistance, flood insurance is mandatory.
As regulated by NFIP, those communities that do not apply to become a
participating member of NFIP containing a SFHA may be "ineligible for
federal, or federally-related financial assistance for acquisition, construction,
or reconstruction of insurable buildings in the SFHA."
The NFIP at a glance
Homeowner's insurance does not cover flood; only NFIP does through policies
sold by independent insurance companies.
Insurance can be bought whether or not your property is at a high or
low risk. There are a couple of communities that do not participate in the
program, including Laguna Hills.
Unless part of an escrow binder, coverage takes 30 days to become valid.
Claims are not dependent on governmental status. Claims of damage or
loss are handled individually on basis of need.
General NFIP Information: (800) 427-5583, 8 a.m. to midnight, EST.
If you have a policy and wish to make a claim, or for more detailed information
call (800) 638-6620.
© Copyright 2008 The Miller Law Firm. All rights Reserved.
If you experience problems or have questions, contact us at Info@ConstructionDefects.com.
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