Flood Insurance
Flood insurance is a type of home insurance created to protect a homeowner’s property against damages caused by floods. Flood insurance is typically not included in the regular homeowner’s insurance policy.
You can (you should, actually) get flood insurance independently of your property being located near the coast or within the National Flood Insurance Program’s (NFIP) floodplain. Floods have been all too common in America over the past decades and they haven’t been exclusive to specific areas; all 50 states are subject to flash floods. However, properties that are located within high-risk areas are obligated to have flood insurance in order to get the greenlight for financing.
Because the threat is so real and governments held some responsibility for avoiding it via better sewer and urbanization projects, Flood insurance prices are regulated by the NFIP and will not vary from agent to agent, but can get cheaper or more expensive according to a number of factors that go from the actual age of the property and the materials with which it was built to the zoning in which was built.
A flood insurance policy will cover not only the dwelling but also your personal property and liability.
Here are some flood facts for you to help make your decision:
In 2017 alone, 116 people died in America because of Floods. Florida Sea Level and Flood Risks are among the main preoccupations of every Floridian in politics. Do you know what it takes to push a car away? 2 feet of water. Do you know how high a wall of water can get in a flash flood? 10 to 20 feet high. Second to wildfires, floods are the most common natural disaster in the country. 12 inches of water is enough to cause damages worth of $50,000 to a 2,000 square foot property.
Get insured!
Real Estate Agent tips:
Do you know how we call insurance for home buyers and home sellers? Working with a real estate agent! That’s the best way to avoid headaches and damages when buying or selling a home.
Popular Real Estate Terms
The Loan-to-value ratio (LTV) is a calculation that measures how much you need to pay for a mortgage (loan) concerning how much the asset is worth. The loan-to-value ratio in real ...
A Vanilla Shell - also known as a Vanilla box, white box or whiteboxing – is something very common in commercial real estate and growingly common in residential real estate. In many ...
Each payment made by the borrower is equal each period, usually monthly. Each payment is comprised of principal and interest. Interest is based on the beginning balance. The cash paid less ...
Legal competence of parties to be held responsible for the terms of a contract or to be brought into the courts. Those who are under the legal age, are mentally incompetent, or under the ...
Possession and use of a property estate by virtue of a lease. There are four types of leasehold estates: estate for years, periodic tenancy, tenancy at will, and tenant at sufferance. ...
The right to recover property taken away by foreclosure by paying the lender the total amount owed plus foreclosure costs. The right of a debtor in bankruptcy to recover personal ...
Materials that are inherently noncombustible, are widely used in constructing exterior surfaces and include brick, aluminum siding, cement, and asbestos shingles. ...
Analysis of the risks and rewards to an individual in making a particular property investment. Investment analysis considers the cost of the original investment, the investment return over ...
Circumstance where no people or contents occupy or are kept in a building for at least 60 consecutive days. The same stipulations apply to property coverages as found in unoccupancy. ...
Have a question or comment?
We're here to help.