The Pryor Times

Local News

Discussion

Add a comment on this story
April 21, 2012

Flood insurance available in Disney

The town of Disney has joined over 21,000 communities nationwide that are allowed to purchase federally backed flood insurance. This availability follows the community’s adoption and enforcement of ordinances to reduce flood losses and acceptance by the National Flood Insurance Program.

Disney is a participant in the NFIP, effective Feb. 29. Residents may purchase flood insurance up to the limits under the regular phase of the program. There is a 30-day waiting period before flood insurance coverage goes into effect.

For single-family dwellings, the building coverage limit is $250,000 and the contents coverage limit is $100,000.

Renters may protect their belongings by purchasing contents coverage.

For commercial properties, the building and contents coverage limits are both $500,000.

Lenders must require borrowers whose properties are in a 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 NFIP is implemented through the Federal Emergency Management Agency. There are over 5.5 million flood insurance policies in more than 21,000 participating communities nationwide.

Text Only | Photo Reprints
Local News