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Show 1 I Low Cost Flood Insurance insurance premiums are as low as $25 per $10,000 for residential coverage and $35 per $10,000 coverge for contents. Small business rates are slightly higher at $40 per $10,000 coverage. Many homeowners are under the erroneous impression im-pression that they are already, covered i. against flood loss from their current homeowner's policy but FEMA officials stress that very few policies cover flood damage. A flood insurance policy must be purchased separately from an insurance in-surance agent. In order for a community to participate in the National Flood Insurance Program the local government must agree to adopt required Flood Plain Management measures to insure wise utilitzation of flood-prone areas. Flood Plain Management is essentially limiting new development in areas which are likely to flood. It is a major concern of FEMA which handles all disasters, including flooding, throughout the nation. To further control development in Flood Plain areas, Federal law requires flood insurance of anyone, : who buys, builds, or improves im-proves property in flood hazard areas of a community. com-munity. The National Flood Insurance In-surance Program is administered ad-ministered by the Federal Insurance Administration, a part of FEMA, but homeowners and tenants can purchase the flood insurance in-surance directly through a local insurance agent. Further information can be obtained from the Flood Insurance Toil-Free Telephone Number: 1-800-638-6620. "Low-cost flood insurance I is available to most Utah residents but it's not being purchased," says officials of the Federal Emergency Management Agency's Regional Office in Denver. "The reasons are varied but high on the list is the homeowner's belief that floods will not occur. People think floods always happen to someone else and somewhere else," FEMA officials added. Called the National Flood Insurance Program (NFIP), the insurance is Federally sponsored and is available to homeowners and renters, as well as persons operating businesses in communities which participate in the NFIP. FEMA officials emphasized that the community com-munity must participate in the program for the residents to be eligible for the i flood insurance. Because of local community participation, about 90 percent of the residents of Utah are eligible for the flood insurance. For example, annual flood |