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
Capability of a party to enter into a contract such as having the financial and physical resources as well as mental competency to meet contractual commitments. ...
Repairing the street for safety and attractiveness. In some localities, such as on Long Island, the home owner is responsible for properly maintaining the street surrounding his home. ...
The appellant definition references a concept related to legal proceedings. The appellant is the individual who is dissatisfied with the judgment in a lawsuit and asks for a superior court ...
Ask Price is the initial listed price for a piece of real estate.It’s important to understand that, in the real estate world, there’s no such thing as a fixed price when buying ...
Claim by a real estate broker that his or her actions were the principal cause of the completion of a property sale between two parties. A successful procuring cause claim would entitle a ...
Property taken over by the government because the owner has failed to pay taxes on it. The property may revert back to the owner when the taxes are paid. If not, the government may sell the ...
An individual appointed by a court to manage the affairs and property of a legally incompetent party. The conservator has full decision-making authority over the affairs of the property in ...
A person has the option of canceling a contract previously agreed to. ...
Derogative term describing a high-pressure telemarketing office where sales personnel often use extremely exaggerated claims as well as intense sales practices to convince targets clients ...
Have a question or comment?
We're here to help.