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Heavy rains bring attention to flood insurancePosted On Wed, March 24, 2010
All of the heavy rains in the Midwest have some Oklahoma residents reeling for flood insurance.
The town of Broken Arrow has had one of its wettest first quarters in history and faces the traditionally heavy rain period of early spring, Mayor Mike Lester told the Broken Arrow Ledger. He wants to remind residents they are eligible to purchase affordable flood insurance for their homes in or even out of the floodplain, through the National Flood Insurance Program.
“The program also entitles residents to obtain low-interest loans in the event of a federal declared flood disaster,” Greg Kirby, Broken Arrow floodplain manager said to the Broken Arrow Ledger.
In March of 2009, an average of $20,000 worth of insurance damages were payed to individuals due to flooding. The last significant flood that took place in the Midwest was in June 1993 and caused almost $275,000 worth of damage.
Flood insurance is required if a home is located in a regulatory floodplain and is mortgaged by a federally regulated lender.
FEMA heads up the National Flood Insurance Program.
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