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
Assemblage in real estate is the process of combining multiple small plots of land into one larger plot. This is accompanied by plottage, which is the increase in value that occurs when ...
Same as term government rectangular survey: Way in which the U.S. government uses to subdivide public land. Land is designated as either a base line (East-West) or principal meridian line ...
Opinion of a judge having no direct legal or binding effect on the outcome of a pending judicial decision. An obiter dictum is considered to be an incidental judicial remark about some ...
(1) Judgment against a defendant who does not respond to the plaintiffs lawsuit or fails to appear in court at the hearing or trial date. (2) Judgment issued by the court against the ...
(1) Methods that involve discounting the future cash flows generated by an income property. These techniques are used primarily for valuation. (2) Methods of selecting and ranking ...
Room that is fit for living in. the building in which the room is located conforms with the building code and has a certificate of occupancy. Usable for all purposes, but does not include ...
Existing state of affairs with respect to the real estate market and conditions. ...
The concept of a release can define various meanings in the financial and real estate business. Typically, it establishes a discharge or literal escape from a loan borrower's economic ...
Voluntary giving up of a right of a lien, usually on a temporary basis. The waiver may be explicitly stated or implied. An example is when a lender waives its right of lien against ...
Have a question or comment?
We're here to help.