Federal Flood Insurance Now Available in Magnolia - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Federal Flood Insurance Now Available in Magnolia

Posted: May 07, 2018 5:11 PM Updated:

MAGNOLIA, Del.– Federal flood insurance is now available to all property owners in Magnolia. 

The Kent County town has become the 50th Delaware community to participate in the Federal Emergency Management Agency's National Flood Insurance Program, DNREC's Division of Watershed Stewardship announced Monday. 

FEMA, which runs the NFIP program within the Department of Homeland Security, approved Magnolia’s application to participate on April 5.

Magnolia residents can now purchase flood insurance up to the limits under the regular phase of the program. For single-family dwellings, the standard policy building coverage limit is $250,000, while the contents’ coverage limit is $100,000, DNREC said.

Lenders must require borrowers whose properties are located in a designated Special Flood Hazard Area to purchase flood insurance as a condition of receiving a federally-backed mortgage loan in accordance with the Federal Disaster Protection Act of 1973.

Property owners not located within an SFHA can voluntarily purchase flood insurance from any agent or broker licensed to do business in Delaware.

There is generally a 30-day waiting period before a newly-purchased flood insurance policy goes into effect. DNREC’s Floodplain Management Program advises property owners to contact their insurance company for any exceptions to this policy

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