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Show Lakeside Review South,' Wednesday, April' 1 1 , 1 7B 984 1 Flood Insurance, The Helping Hand BARRY KAWA Review Staff From a SALT LAKE CITY statewide total of $70 in 1973 to $1.6 million by the end of 1983. Thats. how flood insurance coverage in Utah has skyrocketed in the last 10 years. According to Jim Harvey, State Coordinator of the National Flood Insurance program, the growth can be attributed to the public being more aware of the possibility of flooding. Harvey, said insurance is a good and relatively inexpensive way to in. sure - other homes, businesses and building investments against flood damage. I think all people who live in a canyon or near the mouth of a canyon should buy insurance, he said. And also anyone who lives near a stream should have it. The insurance isnt all that costly. Anywhere between $150 to $300 would take care of an average home per year. Harvey said the National Flood Insurance Program (NFIP) and Homeowners Catastrophe Insurance Trust are the - two major entities through which Utahns insure their homes and businesses. NFIP is a federal program that was established by Congress in 1968 and administered by the Federal Emergency Management Agency (FEMA). The is made flood-insuran- ce available to all property owners living in a community or county which is actively participating in the NFIP. Communities are accepted into the emergency phase of NFIP when the communities take preliminary actions to reduce the flood threat. Higher levels of the insurance are available when the community enters the regular program phase. The regular program is enacted after FEMA has made a detailed flood study and local officials enacted stringent measures to safeguard life and property from future flooding. Insurance rates are then based on the actual flood risk. According to the Federal Insurance ministration, losses due to flooding are not covered under a standard homeowners policy. During the programs emery homes gency phase, can be insured up to $35,000 on single-famil- HOMEOWNERS CATASTROPHE INSURANCE TRUST AmountPremiumAmountPremiumAmountPremium $35,000$82.80$75,000$ 1 66.00$ 1 1 5,000$249.2 $40,00093.2080,000176.40120,000259.60 45.000 103.6085.0001 86.801 25.000270.00 50,000 1 1 4.0090,0001 97.201 30,000280.40 55,000 1 24.4095,000207.601 35,000290.80 60.000 1 34.80 1 00.0002 18.001 40.00030 1 .60 65.000145.20105.000228.40145.000311.60 70.000155.601 10.000238.80150.000322.00 1 flood-insuran- AMOUNTS OF INSURANCE AVAILABLE UNDER THE NATIONAL FLOOD INSURANCE PROGRAM EmergencyRegular BuildingProgramProgram Single Family Home35,0001 85,000 Small Businesses 100,000250,000 Any other Structure 100,000200,000 Contents Residential 1 0,00060,000 Small Businesses 100,000300,000 Any Other Structure 100,000200,000 the building and up to $10,000 on contents. These amounts increase up to $185,000 on building and $60,000 contents under the NFIPs regular phase. The coverage includes single homes, condominiums, multifamily and mobile homes, businesses, storage buildings, farm buildings, churches and schools. Insurance for contents is available to most owners and renters. People interested in their eligibility and propertys flood risk should contact the Davis County planning department or their city engineer or planner. Some licensed property casualty insurance agencies or banks also may have the necessary information. The Homeowners Catastrophe Insurance Trust was formed in 1975 to allow subscribing members to obtain low cost group protection on their property against disaster losses of earthquake and flood. Lloyds of London is the underwriter of the insurance. Protection is provided only for ce owner-occupie- ' , i . , , d dwellings against earthquake, flood, mudslide, landslide, surface water andcol)apse 'ofdarhs. Deduct-- 1 ible amount for buildings is eluding earthquakes and NFIP i $250 for flood and $500 for all a program. The HCIT program is als other perils. On contents, the demuch cheaper than an individu ductable is $250. The local administrator of al catastrophe policy because i HCIT is Trustco, Inc. of Salt is a group program and an appli Lake. The insurance is also cant does not have to b screened for individual risk an available from agents of the Independent Agents Association of be quoted a individual rate, M Frattel said. Utah. HCIT spokeswoman MaShe said the HCIT insurance i rie Frattel said they are not the only private company offering available through the indepen flood and earthquake insurance dent insurance agent association Or they can contact us direct but are the only one offering a group program with competitive ly, she said. rates. Harvey said anyone who live I understand that there are near a canyon or near wate some agencies that are working such as the Great Salt Lak should have at least flood-inson duplicating this type of program, she said. Though its ance. We encourage people t not out yet. Trustco insures be fully insured but it is still u; about 7,000 homes statewide to the homeowner to do it. Federal flood insurance i against the multitude of potential disasters. Our program has available through many Utai more than doubled in the last agents. Consumers and agent desiring more information oi year, notes Ms. Frattel. HCIT is backed by the private the federal flood insurance pro 1 for assis sector while NFIP is a federal gram can call program. Differences between tance. More information regardin the two are NFIP will insure almost any building or home in a the insurance available throug! flood plain while HCIT will only private sources can be obtainei d insure family from the Independent Insurant homes. However, HCIT will in- Agents Association of Utah sert against all Catastrophes in1 3644641.j flood-insuran- ce ui 533-527- owner-occupie- - |
