The town of Magnolia has become the 50th Delaware community to participate in the Federal Emergency Management Agency’s National Flood Insurance Program, the Delaware Department of Natural Resources and Environmental Control’s Division of Watershed Stewardship announced May 7 — with flood insurance available to property owners in the town.

Staff from DNREC’s Floodplain Management Program assisted the town of Magnolia in submitting its application to join the NFIP. FEMA, which runs the NFIP program within the Department of Homeland Security, approved Magnolia’s application to participate April 5.

Magnolia residents can purchase flood insurance up to the limits under the regular phase of the program. For single-family dwellings, the standard policy building coverage limit is $250,000, while the contents’ coverage limit is $100,000.

FEMA’s Flood Insurance Rate Maps indicate areas of low, moderate and high flood risk, and, in many cases, predicted flood heights. Delaware floodplain data can be viewed at de.gov/floodplanning.

Lenders must require borrowers whose properties are located in a designated Special 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. Property owners not located within an SFHA can voluntarily purchase flood insurance from any agent or broker licensed to do business in Delaware. There is generally a 30-day waiting period before a newly-purchased flood insurance policy goes into effect. DNREC’s Floodplain Management Program advises property owners to contact their insurance company for any exceptions to this policy.

FEMA’s National Flood Insurance Program boasts over 5.5 million flood insurance policies in more than 22,000 participating communities nationwide.