On August 5, 2021, 295 Group Flood Insurance Policies or GFIP’s will expire with a number of those
policies within Orange County. GFIP is provided to an applicant who received federal assistance
through the individual assistance (IA) program after a disaster. The policy is good for three years but
when it expires, it is on the homeowner to then get their own NFIP policy. If they do not, then that
residence is no longer eligible for any housing assistance under IA – this is part of “the obtain and
maintain clause”. This requirement stays on the physical address of the residence even if the
homeowner sells the property thereby affecting future owners.
Floods can happen anywhere — just one inch of floodwater can cause up to $25,000 in damage. Most
homeowners insurance does not cover flood damage. Flood insurance is a separate policy that can
cover buildings, the contents in a building, or both, so it is important to protect your most important
financial assets — your home, your business, your possessions.
The NFIP provides flood insurance to property owners, renters and businesses, and having this
coverage helps you recover faster when floodwaters recede.
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