Flood Insurance

The City of Nassau Bay participates in the National Flood Insurance Program which is backed by FEMA and is available to all properties, including those that have flooded previously. Regardless of your location to flood zones, everyone in Nassau Bay is encouraged to purchase and maintain a flood insurance policy. Even if you live in an area with low or moderate flood risk, you are 5 times more likely to experience a flood than a fire in your home over the next 30 years and basic homeowner’s insurance policies do not cover damage from floods. Remember there is a 30-day waiting period before the policy becomes effective so do not wait until an impending storm to purchase a policy. Some people have flood insurance because of the mandatory purchase requirement by their bank or loan company when they obtained a mortgage or home improvement loan. Usually, these policies only cover the building’s structure and not the contents, but contents coverage is also available and is not only for homeowners. Renters are encouraged to purchase a contents policy as well.

Remember that a flood insurance policy must be renewed every year. Any lapse in coverage could result in claims not covered and expensive out of pocket costs to repair a damaged home. As an active participant in the Community Rating System, a voluntary program that rewards communities for adopting and enforcing higher standards in exchange for discounts on flood insurance, premiums for eligible policyholders are more affordable.

In 2022, FEMA released a new pricing methodology known as Risk Rating 2.0. Previously, policies were primarily rated based on location to the floodplain and the height of the lowest floor relative to the base flood elevation in that flood zone. The new methodology leverages industry best practices and cutting-edge technology that enable FEMA to deliver rates that are actuarily sound, equitable, easier to understand and better reflect a property's flood risk. Click here to see the Risk Rating 2.0 Fact Sheet that answers the “where, how, and what” questions you need to know about how your structure will be rated for flood insurance. Visit Floodsmart: The Official Site of the National Flood Insurance Program for more details on flood insurance including types of policies, coverage options, and other useful information.