Federal Flood Insurance

FEDERAL FLOOD INSURANCE NOW AVAILABLE IN THE TOWN OF GILMANTON

Washington, D.C. – The Town of Gilmanton has joined over 20,000 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 (NFIP).

The Town of Gilmanton is now a participant in the NFIP effective on April 16, 2008. Residents of the Town of Gilmanton will be able to purchase flood insurance up to the limits under the Emergency Phase of the program. However, there is a 30-day waiting period before flood insurance coverage goes into effect. For single-family dwellings, the building coverage limit is $35,000 and the contents coverage limit is $10,000. Renters can also protect their belongings by purchasing contents coverage. For commercial properties, the building and contents coverage limits are both $100,000. Higher limits of coverage will be available after the initial Emergency Phase.

Lenders must require borrowers whose properties are located 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 4 million flood insurance policies in more than 20,000 participating communities nationwide.

For more information, click here.