What is an insurable risk?

Buildings Contents of buildings Vehicles Equipment If you have over $5,000 in damages to any insurable facility, including equipment, vehicles, etc., FEMA will require you to obtain and maintain insurance coverage on that facility as a condition of receiving disaster assistance. In addition, if any other specific insurance is reasonably available, adequate and necessary to insure any facility, you may be required to obtain and maintain that insurance coverage. The type (flood, earthquake, wind, comprehensive, etc.) of insurance and the amount of insurance required is directly related to the disaster damage. The required insurance coverage must cover the facility for the type of hazard that caused the damage and in the minimum amount of the damage repair costs. The insurance coverage must be maintained for the useful life of the repairs. The required insurance coverage must be obtained, or letter of commitment accepted by the State, prior to the release of any Federal funds. You are res ... more