Insure Your Property

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Flood insurance is important for renters and property owners. Because insurance can be complicated and contains technical jargon, Clive's Community Development staff is available to assist with your flood insurance questions. FEMA created a booklet in easy to understand language for anyone needing a basic understanding of NFIP. It contains a section of frequently asked questions and is called Answers to Questions about the National Flood Insurance program

Flood Insurance Studies were conducted to investigate the existence and severity of flood hazards in the City of Clive. Read them here: FIS - 1992

The National Flood Insurance Program (NFIP) aims to reduce the impact of flooding on private and public structures by providing affordable insurance. Click here to learn more at FloodSmart.gov

If you do not have flood insurance, talk to your insurance agent. Most homeowners’ insurance policies do not cover damage from floods. Be sure to check your policy to ensure you have adequate coverage. Usually these policies cover only the building structure and not the contents; be sure to ask about a contents policy. Plan ahead; there is a 30-day waiting period before insurance coverage becomes effective so do not wait until a flood is predicted before purchasing flood insurance. 

Under federal law, the purchase of flood insurance is mandatory for all federal or federally related financial assistance for the acquisition and/or construction of buildings in high-risk flood areas (Special Flood Hazard Areas or SFHAs).

The amount of flood insurance coverage required by the Flood Disaster Protection Act of 1973, as amended by the National Flood Insurance Reform Act of 1994, is the lesser of the following:

  1. The maximum amount of NFIP coverage available for the particular property type, or
  2. The outstanding principal balance of the loan, or
  3. The insurable value of the structure.

If the property is not in a high-risk area, but instead in a moderate-to-low risk area, federal law does not require flood insurance; however, a lender can still require it. It is recommended since historically about one-in-four flood claims come from these moderate-to-low risk areas. Note that if during the life of the loan the maps are revised and the property is now in the high-risk area, your lender will notify you that you must purchase flood insurance. 

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