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Structure Structure Contents
Coverage Rates Coverage
Contents
Rate
(per $1000
coverage) Type of Structure Single family residential $ 35,000
(per $1000 (per unit)
coverage)
$0.25 $ 10,000 $0.35
All Other residential
$100,000 $0.25 $ 10,000 $0.35
All nonresidential* $100,000 $0.40 $100,000 $0.75
’’‘Includes hotels and motels with normal occupancy of less than . six months.
Residents can purchase this coverage from any local property and casualty insurance agent. After the writing of a policy, a 15 day waiting period is required before the insurance becomes effective. The Servicing Company for Virginia is the Insurance Company of North America, 5225 Wisconsin Avenue N. W., Washington D. C. 20007, (202) 244-2000.
THE NATIONAL FLOOD INSURANCE Program, established in 1968 and administered through the Department of Housing and Urban Development (HUD), allows citizens in qualified communities to purchase federally subsidized insurance as protection against damages resulting from the general flooding of inland, tidal and coastal waters.
On December 31, 1973, President Nixon signed into law the Flood Disaster Protection Act of 1973 which expanded the program and greatly increased the coverage limits available for flood insurance. Now, under the initial, or emergency phase of the program up to $35,000 of insurance coverage may be purchased for single-family residential buildings, and $100,000 for all non-residential structures, including all agricultural, industrial, religious, non-profit and government-owned buildings. The emergency contents coverage limit is $100,000 for businesses and $10,000 for single-family residences and other non-residential structures. Under the Regular Program, these limits are doubled. Included in the new Act is a provision requiring any property owner in a federally-designated flood hazard area to purchase flood insurance in order to receive a loan through any federally
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