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WASHINGTON, D.C. – The Village of Belden has joined more than 22,000 communities nationwide 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 Village of Belden has been a participant in the NFIP since this fall. Residents of Belden will be able to purchase flood insur ance 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 more than five million policies in the participating communities nationwide.
