FRANKLIN TOWNSHIP FLOOD INFORMATION

WHAT ARE THE RISKS AND WHAT CAN YOU DO TO PREPARE?

FLOOD INSURANCE LINKS:

 The Biggert-Waters Reform Act of 2012 eliminates subsidized flood insurance rates for many high-risk properties to better reflect the true flood risk. The following link provides a synopsis of those changes and how they may affect the rate you will pay:  

http://www.floodsmart.gov/floodsmart/pages/bw-12.jsp

• Franklin Township general flood issues.
• FEMA’s National Flood Insurance Program (NFIP): http://www.fema.gov/national-flood-insurance-program
• Official website of the National Flood Insurance Program: www.floodsmart.gov
• Flood insurance agent locator: http://www.floodsmart.gov/floodsmart/pages/choose_your_policy/agent_locator.jsp

Franklin Township participates in FEMA’s Community Rating System. The program rewards communities that go above and beyond the minimum requirements of the National Flood Insurance Program. The Township maintains a Class Rating of 7 which means a 15% reduction in flood insurance premiums for policy holders in Special Flood Hazard Areas and a 5% reduction for all other policy holders. Check out this link for more information on the program: http://www.floodsmart.gov/floodsmart/pages/crs/community_rating_system.jsp

FLOOD FACTS:

• Most homeowners insurance does not cover flood damage.
• If you live in a Special Flood Hazard Area (SFHA) or high-risk area and have a Federally backed mortgage, your mortgage lender requires you to have flood insurance.
• Just a few inches of water from a flood can cause tens of thousands of dollars in damage.
• Anyone can be financially vulnerable to floods. People outside of high-risk areas file nearly 25% of NFIP claims and receive one-third of disaster assistance for flooding.
• A car can easily be carried away by just two feet of floodwater.
• Federal disaster assistance is usually a loan that must be paid back with interest. Flood insurance covered losses are paid out the same way as any other insurance claim.
• In a high-risk area, your home is more likely to be damaged by flood than by fire.
• In most cases, it takes 30 days after purchase for a policy to take effect, so it's important to buy insurance before the storm approaches and the floodwaters start to rise.