by Veronica Sanchez - Aug. 6, 2012 12:00 AM
12 News
On Tuesday, a storm flooded parts of the Valley, including Anthem, devastating many families. The violent waters broke through fences and inundated homes. In the San Tan Valley area, 2-year-old Dylan Brown was swept to his death by the those rushing waters.
In the aftermath of that storm, many people affected are asking, "How do we move on and rebuild?" The answers aren't easy because many of them did not have flood insurance.
Since standard homeowners insurance doesn't cover flooding, it's important to protect yourself from floods associated with rainstorms, hurricanes and other conditions. In 1968, Congress created the National Flood Insurance Program to help provide financial backup to homeowners looking for coverage.
But myths surrounding flood insurance still seem to prevail. Contrary to popular belief, you can buy insurance if you're in a high flood-risk area. In fact, you can buy flood insurance anytime, even after a flood and even after your home has been devastated by floodwaters, assuming your community participates in NFIP. However, the policy doesn't kick in for 30 days.
Some people think flood insurance is unnecessary, especially if they don't live on top of a hill or in a high-risk area. But consider this statistic: 25 to 30 percent of flooding occurs in low- to moderate-risk areas. You can get a better assessment of your risk factor by going to floodsmart.gov and typing in your address.
Robert Villegas, a spokesman for State Farm Insurance, says many of those affected by Tuesday's storms, especially residents who did not sign up for flood insurance, could face a financial calamity. If the federal government steps in and declares the affected parts of the Valley disaster areas, those impacted would qualify for low-interest government loans to rebuild their homes. But insurance experts say that declaration is highly unlikely.
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