(File photo of Vesta courtesy Minnesota Rural Water)

This availability follows the community’s adoption and enforcement of ordinances to reduce flood losses and acceptance by the National Flood Insurance Program (NFIP). 

The City of Vesta is now a participant in the NFIP effective on January 21, 2020. Residents of  the City of Vesta 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 million flood insurance policies in more than 22,000 participating communities nationwide.