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Understand what your flood insurance policy covers before hurricane season

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AUSTIN, Texas — Understanding your National Flood Insurance Program (NFIP) policy is an important part of your preparation for hurricane season.

NFIP offers two types of coverage for homeowners: building property coverage up to $250,000 and contents coverage up to $100,000.

A standard flood insurance policy pays for the replacement cost of your home or the actual cash value of damages, up to the policy limit. Flood insurance, unlike some homeowner policies, does not have a guaranteed replacement cost policy that will pay above the liability limit.

Policies pay out to policyholders based on either the replacement cost value or the actual cash value. The type of claim determines how the claim is adjusted.

The replacement cost value is the cost to repair or replace a part of the home that is damaged, with a deduction for wear and tear. For you to be eligible for the replacement cost value, you must meet three conditions:

  • Your home must be a single-family dwelling;
  • Your home must be your principle residence at the time of loss, meaning you live there 80 percent of the year; and
  • Your amount of flood insurance for building coverage must be at least 80 percent of the full replacement cost of your home, or be the maximum amount of insurance available for the property under NFIP.

The actual cash value is the replacement cost value, less depreciation for physical wear and tear.

  • Some items such as appliances and carpeting are always adjusted at the actual cash value.
  • Personal property is always adjusted at the actual cash value.

Texans can go to FacebookTwitter and here 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.

For Texas disaster mitigation information, visit here and for additional information about mitigation, click here. For information on protecting properties from disaster, visit here.

For information on Hurricane Harvey and Texas recovery, visit the Texas Division of Emergency Management website at here.

FEMA’s mission: Helping people before, during, and after disasters.

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, emailingdisastercustomerservice@sba.gov, or visiting SBA’s website at www.sba.gov/disaster. Deaf and hard-of-hearing individuals may call (800) 877-8339.

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