As many of you may have seen, we here in Florida have been experiencing another of our lovely annual traditions - torrential rains. Many roads are washed out or flooded completely, and many homeowners are learning the hard way that they should've paid more attention to their flood zone. Don't wait until it's too late...read on to discover how and why to learn more about your homes level of flood risk!
1. What is a flood zone? Periodically, FEMA will decide that it is time to remap a given area using newly gained information from recent rainfall and flooding reports. They compile all of this data, and separate the area into different zones, with each representing a different level of flood risk. For example, a home in an area that hasn't experienced flooding in many years may be placed in an X zone, with the lowest risk. A home in a low lying area prone to collecting water will almost surely be placed in a higher risk area, such as an A or AE zone.
2. Why should I know my homes' elevation? It is important to have a survey and elevation certificate completed when purchasing a new home or property for a variety of reasons. For flood purposes, an elevation certificate can provide invaluable information on a specific property and its likelihood of flooding. As referenced above, the FEMA floodmap will give each zone a "base flood elevation level." This represents the level at which the lowest lying homes in that area will be prone to damage from rising water. When doing an elevation certificate, your surveyor will measure the height of your specific home with regards to the base flood elevation. Naturally, the higher above the base elevation, the better!
3. When should I look into flood insurance? It's never a bad idea to purchase flood insurance if you live in a coastal county. Even those homes in an X zone are subject to flooding in situations like we're currently experiencing - it's difficult for any area to sustain nearly a foot of rain without there being damage to some homes and businesses! And keep in mind, in the state of Florida, your homeowners insurance will NOT cover flooding! This always has to be a separate policy! In most instances, your mortgage company will contact you and inform you if your home has been placed into a zone due to federal mapping revisions. Since flood insurance is a federally regulated program, the rates you're quoted should be exactly the same regardless of which agent or company you choose. There are a few companies that provide both flood and homeowners insurance, so give your agent a quick call and ask for a flood insurance quote!
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