Yes, renters can buy flood insurance
Austin, Texas – Flood insurance isn’t just for homeowners and businesses. If you are a renter, you can buy a policy from the National Flood Insurance Program (NFIP) to cover contents up to $100,000.
The difference between a NFIP renters policy and a traditional renters insurance policy is that the NFIP policy covers your personal property and contents during a flood event. The cost of the policy is based on several factors including the flood risk of the building in which you live.
If you are a renter in low-to-moderate risk areas, you may be eligible for a Preferred Risk Policy. These policy premiums are the lowest premiums available through NFIP. Nearly 26 percent of all NFIP flood claims occur in the low-to-moderate risk areas.
If you live in an area that has a high risk for floods, a standard rated policy is the only option for you.
Renters flood insurance premiums are calculated based on factors such as:
- Year of building construction
- Building occupancy
- Number of floors
- The location of your contents
- The flood risk (i.e. flood zone)
- The location of the lowest floor in relation to the elevation requirement on the flood map (in newer buildings only)
- The deductible you choose and the amount of coverage
For more information about NFIP, call 800-427-4661 or your insurance agent and visit https://www.fema.gov/national-flood-insurance-program.
Texans can go to www.facebook.com/FEMAHarvey/, https://twitter.com/femaregion6, and www.fema.gov/disaster/4332 throughout May to learn how NFIP can protect them from disaster.
Texas NFIP 2018 is a whole month dedicated to sharing tips with Texans about how they can prepare themselves and their homes for hurricane season. Use #TXNFIP18 to find information online and share with your friends and family.
FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain and improve our capability to prepare for, protect against, respond to, recover from and mitigate all hazards.
Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 800-621-3362 (voice, 711/VRS – Video Relay Service) (TTY: 800-462-7585). Multilingual operators are available (press 2 for Spanish).
The SBA is the federal government’s primary source of money for the long-term rebuilding of disaster-damaged private property. SBA helps businesses of all sizes, private non-profit organizations, homeowners and renters fund repairs or rebuilding efforts and cover the cost of replacing lost or disaster-damaged personal property. These disaster loans cover losses not fully compensated by insurance or other recoveries and do not duplicate benefits of other agencies or organizations. For more information, applicants may contact SBA’s Disaster Assistance Customer Service Center by calling (800) 659-2955, emailing firstname.lastname@example.org, or visiting SBA’s website at www.sba.gov/disaster. Deaf and hard-of-hearing individuals may call (800) 877-8339.