APPENDIX C: MITIGATION ALTERNATIVES
INSURANCE Technically, insurance does not mitigate damage caused by a natural hazard. However, it does help the owner repair, rebuild, and hopefully afford to incorporate some of the other property protection measures in the process. Insurance offers the advantage of protecting the property, so long as the policy is in force, without requiring human intervention for the measure to work. — Private Property Although most homeowner's insurance policies do not cover a property for flood damage, an owner can insure a building for damage by surface flooding through the NFIP. Flood insurance coverage is provided for buildings and their contents damaged by a "general condition of surface flooding" in the area. Most people purchase flood insurance because it is required by the bank when they get a mortgage or home improvement loan. Usually these policies just cover the building's structure and not the contents. Contents coverage can be purchased separately. Renters can buy contents coverage, even if the owner does not buy structural coverage on the building. Most people don't realize that there is a 30- day waiting period to purchase a flood insurance policy and there are limits on coverage. — Public Property Governments can purchase commercial insurance policies. Larger local governments often self-insure and absorb the cost of damage to one facility, but if many properties are exposed to damage, self- insurance can drain the government's budget. Communities cannot expect federal disaster assistance to make up the difference after a flood. LOCAL IMPLEMENTATION RECOMMENDATIONS The CRS provides the most credit points for acquisition and relocation under Activity 520, because this measure permanently removes insurable buildings from the floodplain. Communities could receive credit for Activity 520 – Acquisition and Relocation, for acquiring and relocating buildings from the SFHA. The HMPC recommended the purchase of repetitive loss buildings and other flood prone buildings through Hazard Mitigation Assistance grant funding in order to return this land to open space. The CRS also credits barriers and elevating existing buildings under Activity 530. The credit for Activity 530 is based on the combination of flood protection techniques used and the level of flood protection provided. Points are calculated for each protected building. Bonus points are provided for the protection of repetitive loss buildings and critical facilities. It may not be likely that communities would receive credit for Activity 530 – Flood Protection, but communities could receive credit for Activity 360 – Flood Protection Assistance. There is capable staff at the County and communities with the technical expertise to provide advice and assistance to homeowners who may want to floodproof their home or business. Advice could be provided both on property protection techniques and on financial assistance programs to help fund mitigation. There is no credit for purchasing flood insurance, but the CRS does provide credit for local public information programs that, among other topics, explain flood insurance to property owners. The CRS also reduces the premiums for those people who do buy NFIP coverage. Flood insurance information for all communities is provided in Section 5. Table C.2 – Property Protection Mitigation Options and Recommended Projects Action # Mitigation Action Reason for Pursuing / Not Pursuing Funding Property Protection Measures Considered by HMPC and Not Recommended - Identify locations to install berms or floodwalls. Other methods of property protection are preferred. n/a
WSP June 2024 Page C.8
Wake County, NC Multi-Jurisdictional Hazard Mitigation Plan
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