Drip, Drop, Flood Insurance


Drip, Drop, Flood Insurance

Hurricane Katrina and other local natural disasters have been an eye opener for FEMA and homeowners alike.  There are many things that need to change to help protect people and their investments when it comes to flooding. On March 21, 2014 President Obama signed the Homeowner Flood Insurance Affordability Act into law. Please read on for some valuable information on flooding and how the upcoming changes might affect you and your home. Learn more about Flood Insurance Reform>

Do you live in a flood zone?

Currently, FEMA is in the process of changing the flood maps, so if you live near a water source and are not  in one now, you very well may be included in the future.  There are different categories that determine the severity and likelihood that your home may flood. What does that mean for you? See FEMA's flood map to see if you're in a flood  zone. 

Selling my home that’s in a flood zone

If you do live in a flood zone, future buyers will be required to purchase flood insurance.  Recently, flood insurance policies are generally provided by FEMA, however they can be sold through regular insurance brokerages costing anywhere from $80 to $1200 per month.  This means that it’s an added cost to the buyer at the end of a mortgage payment breakdown. This added cost may make or break a transaction so it is important to know upfront whether or not you live in a zone and what the costs are.

Flood Certificates are required, but why?

In the past, FEMA provided insurance based on a pooled risk of an area. Now, insurance rates are based on actual risk; for instance, if your home is built above the elevation that is considered high risk your insurance premiums might be lower. As of October 2013, in order for insurance brokerages to get a quote, they’re now required to provide a Flood Elevation Certificate.  A state licensed surveyor will visit your property and conduct an elevation analysis that assesses the risk of your home flooding.  Learn more about Elevation Certificates now.

Quick Action Tips for Homeowners:

·         Research your home’s flood status now

·         Protect your home from flooding by researching insurance

·         Prepare your home and family now in case of flooding or other natural disasters  – Learn how to build disaster kits here.

What to learn more and see if you’re living in a flood zone? Or would like a review of your property?

Please give Tracie Gulit a call at 360-201-6433


Posted on April 3, 2014 at 9:23 pm
Tracie Gulit | Category: Uncategorized

Leave a Reply

Your email address will not be published. Required fields are marked *