AUSTIN (KXAN) — A pilot program to help with flood insurance will soon be available to Austin homeowners. All they have to do is apply for that assistance and are encouraged to do so by Dec. 31, according to the city of Austin.
The Flood Insurance Assistance Program is a partnership with the Del Valle Community Coalition (DVCC) and the city. It will provide “as much as $2,000 in financial assistance for Austin homeowners to obtain or maintain flood insurance for one year,” per a news release from the city.
According to the city, the “average flood insurance claim in Austin costs $21,000 as of 2021.” The city said flood damage is “not typically covered by homeowner insurance policies.”
“Because Austin participates in the National Flood Insurance Program and the Federal Emergency Management Agency’s Community Rating System, federally backed flood insurance is available to everyone in Austin at up to a 25% discount,” the city said.
In Austin, the average annual policy is $670. However, policies that are in “floodplain areas typically cost more than $1,000.”
Austin residents must do the following to be eligible for the program, as provided by the city:
- Own their home and live within the 100-year floodplain
- Have household income at or below 140% of the Median Family Income
- Use the funds to obtain, maintain or renew a flood insurance policy
Eligible residents can apply on the Del Valle Community Coalition website. Applications will be processed “while funds last,” according to the city. Those who apply and receive assistance from the program “must agree to keep coverage for a minimum of 1 year (or until renewal date)” and cannot cancel their coverage early.
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