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MAINE DEPARTMENT OF PROFESSIONAL
AND FINANCIAL REGULATION

35 SHS, Augusta, Maine 04333

 
Phone: (207) 624-8500
Fax: (207) 624-8690
TTY: (888) 577-6690

Bureau of Insurance Highlights Need for Flood Insurance

 

March 6, 2008

 

 

The Maine Bureau of Insurance is urging all Maine residents to evaluate their need for flood insurance, especially with spring approaching and a typical 30-day waiting period before a new flood insurance policy takes effect. The Bureau is also issuing a reminder that most homeowner and business policies do NOT cover flooding.

“As shown by the devastating Patriot’s Day storm last April, flooding continues to be one of the most costly natural disasters affecting Maine,” said Acting Superintendent Eric A. Cioppa. “Although flooding can occur anytime, the melting of ice and snow in the spring poses a heightened threat. Now is the time for home and business owners to seriously consider the advantages of flood insurance,” he added.

The Federal Emergency Management Agency’s National Flood Insurance Program (NFIP) provides homeowners, business owners, and renters with the best insurance protection available against flooding. The National Flood Insurance Program estimates that there are 8,273 flood insurance policies in force in Maine. These policies provide coverage for losses that property owners would otherwise have to pay themselves.

Flood insurance is affordable and available through about 25 insurance companies in more than 964 NFIP participating communities in Maine. The average flood insurance policy premium is approximately $700 a year. In low-to moderate-risk areas, homeowners can protect their properties with lower-cost Preferred Risk Policies (PRPs) that start at $112 a year. For more information, visit www.FloodSmart.gov or call 1-800-427-2419.

The Bureau of Insurance is part of the Department of Professional and Financial Regulation which encourages sound ethical business practices through regulation of insurers, financial institutions, creditors, investment providers, and numerous professions and occupations for the purpose of protecting the citizens of Maine. Consumers can reach the Bureau through its web site at www.maine.gov/insurance; by calling 800-300-5000 in state; or by writing to Bureau of Insurance, 34 State House Station, Augusta ME 04333.

Last Updated: March 6, 2008 12:13 PM