If you own/purchase a home in certain flood zones and you have a mortgage on the property, there doesn't tend to be much of a decision on whether to purchase flood insurance or not as the lender is likely to require you to. But, what about when it may not be required because you paid cash or you aren't in the flood zone requiring it. This is a great article shared by the Florida Board of Realtors to help home buyers/owners make decisions about flood insurance including an overview on why you may need flood insurance, how flood insurance works and other related topics.
Flooding is the nation’s costliest and most common disaster, but many property owners outside high-risk FEMA flood zones don’t think it will ever be a problem.
WASHINGTON – On Sept. 19, tropical storm Imelda hit Texas, and even though it was a full hurricane-force storm, Texans – homeowners, business owners and renters – filed 10,600 flood insurance claims. As of Oct. 29, policyholders have been paid 40% of claims or more than $280 million to repair their homes.
Flooding is the nation’s costliest and most common disaster, but property owners who live in communities participating in the National Flood Insurance Program can purchase affordable protection to insure against flood losses.
Yes, if your community participates in NFIP. You are eligible to purchase a flood policy with the same coverage you would receive if you lived in a high-risk area.
Why do I need flood insurance?
How does flood insurance work?
When should I buy a policy? As soon as possible.
How much does a policy cost?
How much will I get from NFIP after my building or contents are damaged by a flood?
For flood information and safety tips visit ready.gov/floods. Find the Spanish-language website at listo.gov.
© 2019 Florida Realtors®
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