Even if you feel you don't need it, Flood Insurance is an insurance policy that should be added to most homes, no matter where they are located. It?s a common belief that if you live in a flood prone area that you cannot qualify for flood insurance. This cannot be farther from the truth. In fact, it?s required by law if you live in a flood zone and your home is federally insured. Almost every home can be protected with flood insurance and as our weather patterns continue to change, and flooding becomes more commonplace it is certainly a smart thing to add to the cost of owning your home.
Most homeowners however, don?t realize that flood insurance is a separate policy beyond a typical homeowners insurance policy. Most homeowner policies don?t cover flood damage, so it?s important to get flood insurance regardless of whether or not you live on ocean front property or on a hill somewhere. Statistics show that a home is 30 times more likely to suffer a loss from a flood rather than a fire.
If you are new to an area, it?s important to know where these flood areas are. If you aren?t sure, we can help with that. No one is fully protected from what has become known as the 100 year flood. That is once every 100 years we will have a massive flood, the challenge is that we don?t know when that will be. It?s always a good idea to just be prepared for such a case and have peace of mind. Another way of looking at it is that homes close to streams and rivers shouldn?t be avoided just because of a fear of flooding. Enjoy the benefits of living close to water knowing that in the rare event of a flood, your property will be protected by flood insurance.
Flood Insurance costs
The premiums for flood coverage are quite affordable. There are several factors that play a role in determining the premium. The main one is the likelyhood of flooding to occur or in other words how close you live to a flood zone. Premiums are much less if your home does not reside in a flood area. If you?re not sure, FEMA which stands for Federal Emergency Management Agency, has produced several maps for you to look at which will show you if you are in a flood area.
For the most part, you can expect to pay anywhere from $300 up to $500 a year for flood insurance. It also depends on how much coverage you want and your deductible. One important thing to note is how replacement is handled. Some policies will do a replacement cost, meaning give you the amount of money needed to replace the item or structure up to the policy limit or actual cash value meaning only give you what the item or structure is worth today. Either way, some insurance is better than no insurance.
Just a few other things to consider when obtaining flood insurance. Usually there is a 30 day waiting period before your policy goes into effect. This prevents anyone trying to obtain insurance after a flood has occurred and destroyed their home. You must have flood insurance before the flood in order to be covered.
If you would like to know if your home is in a flood plain, or perhaps you are considering buying a home that could be in a flood plain, give us a call we?ll let you know for sure and send you the information you?ll need to protect your home the next time there?s a big storm.
Vanessa Saunders at GPS real estate 845 848 2218 or email: info@wesellny.com
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