CRS COORDINATOR
Vincent A. Cahill
FLOOD INSURANCE INFORMATION
National Flood Insurance Program
The National Flood Insurance Program {NFIP) was established with the passage of the National Flood Insurance Act of 1968. The NFIP is a federal program enabling property owners in participating communities to purchase flood insurance as protection against flood losses, while requiring state and local governments to enforce floodplain management ordinances that aim to reduce future flood damage. More than 22,000 communities in the U.S. participate in the NFIP and more than 5.1 million NFIP policies in force, providing $1.25 trillion of content and building coverage.
Waiting Period
In general, a policy does not take effect until 30-days after the purchase of flood insurance. However, if a policy is purchased in connection with making, increasing, extending, or renewing a loan there is no waiting period and only a one day waiting period if purchase is related to the revision or update of a Flood Insurance Rate Map (FIRM) within 13 months of the new FIRM's effective date.
Myths and Misconceptions
A common misconception is that homeowners' policies cover flood damage. In fact, most homeowner and business multi-peril policies do not cover flooding. In addition, federal disaster assistance will not always pay for flood damage.
Flooding is the most common and costly natural disaster in the U.S.
Even if you don't live near water, your home is still at risk of flooding from changing conditions such as construction projects, surface erosion, or natural events. In fact, an average of 40% of National Flood Insurance Program (NFIP) claims come from outside high-risk flood areas.
Flood Insurance for Renters
A standard renter's insurance policy covers your personal belongings from theft, wind, or fire damage, but it typically doesn't cover flood damage. Renters flood insurance covers; clothing, furniture, televisions, mattresses and bedframes, mini fridges, artwork, rugs, books, kitchenware & electronics. While your landlord may have flood insurance to cover the building you live in, their insurance will not cover your personal belongings.
The Borough participates in the NFIP and is working towards being CRS (Community Rating System) classified.
As such, Borough residents could experience a percentage reduction in their flood insurance premiums. More information will be provided after the certification review is completed.
For more information on flood insurance, call the FEMA Mapping and Insurance exchange center at (877) 336-2627 or email fema-fmix@fema.dhs.gov.
FLOOD ADVISORY COMMITTEE
Mission Statement:The purpose of the committee is to mobilize community involvement in flood control matters; provide pertinent information to residents regarding issues related to flooding and County, State and Federal relief programs related to flooding; staying up to date on County, State and Federal measures to insure proper management of the Oradell Reservoir water levels and on legislation aimed at flood relief within the Borough of New Milford; and will serve in an advisory capacity to the Mayor and Council on flood-related matters with the goal of mitigating flooding within the Borough.
