The Federal Emergency Management Agency (FEMA) defines flood as:
“A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder’s property) from:”
- Overflow of inland or tidal waters; or
- Unusual and rapid accumulation or runoff of surface waters from any source; or
- Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
Flood Insurance in Ohio is priced and underwritten by the National Flood Insurance Program (NFIP) of FEMA. In 1983 the NFIP started the Write Your Own (WYO) program. The WYO Program allows participating property and casualty insurance companies to write and service the Standard Flood Insurance Policy in their own names.
Logan Insurance Agency offers Flood insurance policies through Auto-Owners Insurance, a WYO partner that operates as part of the NFIP, and is subject to its rules and regulations.
Flood insurance rates are based upon your elevation and determined flood zone. The Special Flood Hazard Area (SFHA) is an area that has a 1-percent or greater chance of flooding in any given year; this area is also referred to by some as the 1-percent-annual-chance floodplain, base floodplain or the 100-year floodplain. If your property is financed and in the SFHA, your lender will require you to carry flood insurance. Flood maps are available for viewing online at no cost via FEMA at https://msc.fema.gov/portal.
In 2010 the NFIP updated and expanded their flood maps. If you received a letter stating you are now required to carry flood insurance but feel you are not in a flood zone, follow these steps to determine if your property was included in error:
- View your flood map online by entering your address at https://msc.fema.gov/portal.
- If you are outside the SFHA, submit a Letter of Map Change (LOMC) request online.
- You may be required to have an elevation certificate completed by a Licensed Ohio surveyor. This may also be required if you are determined that you need flood insurance as well.
Flood Insurance requirements vary from lender to lender including amount of flood insurance and maximum available deductibles. Logan Insurance Agency will work with you and your lender to find you the proper coverage for your situation to satisfy both you and your lending institution. Call us at 740-385-8575 to speak with an agent.