Do You Need Flood Insurance
Currently funds have run out for FEMA's flood insurance program, leaving many consumers unable to get flood insurance and therefore unable to qualify for a mortgage.
As a Sarasota buyer agent, I had a home buyer who ran into this problem. If this is affecting the Sarasota real estate market, I'm sure other parts of the country are feeling it as well.
Flood insurance. Do I need it? This is a question on the mind's of many since the flash flooding in Edmond, Oklahoma last week. Maybe it's a question on your mind too. So I asked someone I trust, Natasha Baird of Farmers Insurance, to share her thoughts on the subject. Here is what she had to say;
It only takes a few inches of water before your home could need major repairs, yet Homeowners policies don't cover flooding. After experiencing the historic rainfall and flooding earlier this week, here are some important issues regarding Flood insurance that you should be aware of.- Many are at risk for floods. You don't need to live near water to be flooded. Floods can be caused by storms, melting snow and water backup due to inadequate or overloaded drainage systems.· Flood damage is not covered by Homeowner policies. You can help protect your home, business and belongings with Flood insurance - up to $250,000 for the building and $100,000 for contents.
· Contents coverage is separate, so renters can get Flood insurance. Up to $100,000 contents coverage is available for Homeowners and Renters. Contents are not automatically included with the building coverage.
· Up to a total of $1 million of Flood insurance coverage is available for non-residential buildings and contents. Up to $500,000 of coverage is available for non-residential buildings and up to $500,000 of coverage for their contents.
· There is usually a 30-day waiting period before the coverage goes into effect. Plan ahead so you're not caught without Flood insurance when a flood threatens your home or business.
· Federal disaster assistance may not be the answer. Federal disaster assistance is only available if the President declares a disaster. Flood insurance pays even if a disaster is not declared.
Don't wait until the next historic rainfall to learn that you weren't properly covered. Contact us today to learn more about Flood insurance and determine if it is right for you.For more information, e-mail Natasha at natasha.kbaird@farmersagency.com
About the author: Kristyn Grewell, GRI ABR e-PRO, is an Active REALTOR with CENTURY 21 Goodyear Green in Edmond, Oklahoma. She helps her clients buy and sell homes and investment properties in Oklahoma specializing in Edmond, NW Oklahoma City, Guthrie, Mustang, Yukon and the surrounding areas. Kristyn is also an Oklahoma relocation specialist. As a member of the Cartus Broker Network she can connect you (or your friends and family) with a qualified real estate specialist virtually anywhere!
For more information, visit SellaMetroHome.com or e-mail kristyn.grewell@century21.com. For faster service, you can always text or call Kristyn at 405-615-2796. License number 151697
Please note that individual listings periodically mentioned in this blog are accurately described in terms of availability and price at the time of the posting. Because properties are constantly coming on and off the market, please contact Kristyn for the latest information on those that are of particular interest to you.
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