Flood Insurance

Federal Flood Insurance

The purchase of federal flood insurance is highly recommended. Basic homeowner's insurance policies does not cover damage from floods. The City of Spearfish participates in the National Flood Insurance Program (NFIP) which means that federally subsidized flood insurance is available to everyone in the City.

Effective Policy & Renewal

Remember there is a 30-day waiting period before a policy becomes effective. Some people have purchased flood insurance because it was required by the bank or loan company when they obtained a mortgage or home improvement loan. Usually these policies just cover the building's structure and not the contents. A flood insurance policy must be renewed each year.

Mandatory Purchase Requirement

The mandatory purchase requirement applies to all forms of federal or federally related financial assistance for buildings located in a Special Flood Hazard Area (SFHA). This requirement affects loans and grants for the purchase, construction, repair, or equipment, fixtures and furnishings contained in such buildings. If a building is located in a SFHA, the agency or lender is required by law to require the recipient to purchase a flood insurance policy on the building.

Additional Information

For additional information about flood insurance please contact: