The Village of Manchester is now a participant in the NFIP. Residents of the Village of Manchester will be able to purchase flood insurance up to the limits under the regular phase of the program. However, there is a 30 day waiting period before flood insurance coverage goes into effect. For single-family dwellings, the building coverage limit is $250,000 and the contents coverage limit is $100,000. Renters can also protect their belongings by purchasing contents coverage. For commercial properties, the building and contents coverage limits are both $500,000.
Lenders must require borrowers whose properties are located in a designated 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.
The NFIP is implemented through the Federal Emergency Management Agency.
There are over 5.5 million flood insurance policies in more than 21,000 participating communities nationwide. Those who are unsure whether or not their property lies in a flood plane should visit the Village office and view the new FEMA map.