Federal Flood Insurance Now Available in Grand Terrace by Pat Jacquez-Nares - City News Group, Inc.

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Federal Flood Insurance Now Available in Grand Terrace

By Pat Jacquez-Nares, Community Writer
January 26, 2016 at 03:47pm. Views: 59

Grand Terrace has joined over 21,000 communities nationwide that are allowed to purchase federally-backed flood insurance. This availability follows the Grand Terrace City Council’s adoption and enforcement of an urgency ordinance to reduce flood losses and acceptance by the National Flood Insurance Program (NFIP). Effective on Jan. 15, 2016, Grand Terrace is now a participant in the NFIP. Residents of Grand Terrace will be able to purchase flood insurance up to the limits under the Regular 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 $250,000, and the contents coverage limit is $100,000. Renters can also protect their belongings by purchasing contents coverage. For commercial properties, the building and contents coverage limits are both $500,000. “This is important news for Grand Terrace residents.” said Mayor Darcy McNaboe. “Our residents are now eligible to purchase flood insurance at discounted rates. In many cases this can mean a significant savings from purchasing at the open market rates.” The NFIP is implemented through the Federal Emergency Management Agency. There are over 5.3 million flood insurance policies in more than 21,000 participating communities nationwide.

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