Flood Insurance Information

National Flood Insurance Program

The City of Treasure Island participates in the National Flood Insurance Program (NFIP). The NFIP aims to reduce the impact of flooding on private and public structures by making insurance policies available to property owners, renters, and businesses in order to help them recover faster after a flood event. The City entered the NFIP in 1971 and has continued to meet the minimum floodplain management regulations set forth by the NFIP.

Below are some key points regarding flood insurance:
  • To purchase flood insurance, call your insurance company or insurance agent, the same person who sells your home or auto insurance. If you need help finding a provider, click here or call the NFIP at 877-336-2627.
  • Plan ahead as there is typically a 30-day waiting period for an NFIP policy to go into effect, unless the coverage is mandated it is purchased as required by a federally backed lender or is related to a community flood map change.
  • Most homeowners’ or renters’ insurance policies typically do not cover flood damage.
  • The NFIP is currently transitioning to a new rating methodology known as Risk Rating 2.0. Please see below for more information.
Quick Resources:
How to Start Filing a Claim
How to Document Damage
NFIP Claims Handbook

Community Rating System

The City of Treasure Island is also enrolled in the NFIP’s Community Rating System (CRS). The CRS is a voluntary incentive program that recognizes and encourages community floodplain management practices that exceed the minimum floodplain management requirements set forth by the NFIP. Treasure Island is one of over 1,500 communities nationwide that participate in the CRS program. In CRS communities, flood insurance premium rates are discounted to reflect the reduced flood risk resulting from the community's efforts that address the three primary goals of the program:
  1. Reduce and avoid flood damage to insurable property;
  2. Strengthen and support the insurance aspects of the National Flood Insurance Program; and
  3. Foster comprehensive floodplain management.
Treasure Island currently has a Class 6 Rating within the program, which provides policy holders a 20% discount on flood insurance premiums. The current rating is achieved through mitigation efforts such as higher regulatory standards, GIS mapping, and outreach projects. Some examples of these initiatives include:
  • Building to 2' higher than base flood elevation.
  • Publishing an annual one-page "Flood Facts" advertisement in the Beach Beacon.
  • Being a designated "StormReady" community.

Flood Insurance vs. Disaster Assistance

After a storm, many people seek federal disaster assistance to help cover their losses. However, it is important to note the differences between flood insurance and disaster assistance.

Flood Insurance
  • You are in control. Flood insurance claims are paid even if a disaster is not declared by the President.
  • There is no payback requirement.
  • Flood insurance policies are continuous, and are not non-renewed or cancelled for repeat losses.
  • Residential properties can obtain up to $250,000 in building coverage and $100,000 in contents coverage.
  • Businesses can obtain up to $500,000 in building coverage and $500,000 in contents coverage. 
Disaster Assistance
  • Most forms of disaster assistance require a Presidential disaster declaration.
  • Federal disaster assistance declarations are not awarded in all flood incidents.
  • The most typical form of disaster assistance is a loan that must be repaid with interest.
  • The duration of a Small Business Administration disaster home loan could extend to 30 years.
  • The average Individuals and Households Program award for Presidential disaster declarations related to flooding in 2008 was less than $4,000.

Risk Rating 2.0

FEMA is currently transitioning to a new rating methodology for flood insurance policies known as Risk Rating 2.0

Phase I:
Beginning October 1, 2021, all new policies will be rated using Risk Rating 2.0.
Phase II:
Beginning April 1, 2021, all existing policies that are renewed will be rated using Risk Rating 2.0.