"Homes for Sale: National Flood Insurance Questions & Answers"
Do I need Flood Insurance if I buy a Home?
Here are some facts from the FEMA Handout. Good to know, especially here in Florida. A lot of customers think they only need Flood Insurance for storm damage.
First off, the need for flood insurance may be required by your lender. Homeowners insurance does not cover flood damage. Even if it is not required you may want to recommend it to your customers. Flood damage can be caused by storms, melting snow, hurricanes, and water backup due to inadequate drainage systems, dam or levee failure, new construction, etc.
Nearly 25% of all flood insurance claims come from medium or low risk flood areas.
Who can purchase flood insurance?Anyone in a community that participates in the NFIP can purchase building and contents coverage, with a few exceptions. Your agent can verify your situation.
How do you obtain a flood insurance policy? You purchase it through a private insurance company and agent.
When is the best time to buy flood insurance? NOW! There is a 30 day waiting period to become effective.
What is a Special Flood Hazard Area (SFHA)? These are the areas with the highest risk.
"Preperations you should make if you are in the path of a Tropical Storm or Hurricane"
A lot of homeowners do not understand what homeowners insurance does and does not cover when it comes to water and flood damage. Please check out this website and check with your insurance agent.
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I grew up in Jacksonville, Florida and have lived in Ponte Vedra Beach in St. Johns County for the last 22 years. I have extensive knowledge in Real Estate and especially new construction.
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