OKLAHOMA (KFOR) – The Federal Emergency Management Agency (FEMA) recommends Oklahoma residents get flood insurance to protect themselves from possible financial hardship.

Anyone’s home has the potential to be damaged by floodwater, even if they do not live in a high-risk flood area, according to FEMA officials.

The National Flood Insurance Program (NFIP) provides the insurance policy, which FEMA officials say can save flood victims from financial devastation.

FEMA officials said the following coverage ranges are available:

  • Homeowner policies can cover up to $250,000 for the structure and up to $100,000 for contents.
  • Business or nonresidential property owners can insure a structure for up to $500,000 and its contents for up to $500,000.
  • Renters can cover contents up to $100,000.

NFIP policies typically include Increased Cost of Compliance coverage for structures whose repairs cost at least 50 percent of the structure’s market value.

“This provides up to $30,000 in additional coverage if the policyholder needs to elevate, relocate or demolish the structure to comply with local standards for rebuilding in a floodplain,” FEMA officials said.

Flood insurance can cover damage caused by flooding even if the flood was not part of an event that received a presidential disaster declaration.

FEMA officials advise Oklahomans to not rely on federal disaster assistance after a flood, because not every event is declared a federal disaster, and disaster assistance covers basic needs and costs to assist in making homes safe to occupy.

“You can buy or renew a flood insurance policy by calling your insurance company or a local independent agent who can write flood insurance directly with the NFIP, administered by FEMA. If you don’t have a provider, visit floodsmart.gov/flood-insurance-provider to be taken to a list of agencies offering flood insurance in Oklahoma,” FEMA officials said. “Visit FloodSmart.gov or call the NFIP at 877-336-2627 for more information.”