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Flood Insurance, Why should you buy it?

By
Real Estate Broker/Owner with Potranco Realty 492107

Flood Insurance, Why should you buy it?


Unless you know you have bought a property or rented a property in a flood zone area,  most resident homeowners and renters think they don’t need flood insurance. Homeowner and renters insurance typically does not cover flood insurance.

 

  • Fact: one inch of water can cause up to $25,000 in damages more/less. Properties located out of flood zone areas doesn't insure residents want have water damage in the near future caused by unrelated disasters.

 

  • Fact: 20% of flood claims come from outside of high risk zones.

  • Fact:  Flood insurance can pay regardless if a disaster declaration is issued.



Federal Emergency Management Agency (FEMA)

website is a great source of information

.



Emotional and Financial hardship without flood insurance causes residents to pay out of pocket or finance loans to replace damaged items and rebuilding.

 

We have assisted many homeowners and renters over eighteen years investing in their real estate portfolios. Often we hear that a washer or dishwasher over flowed and caused major water damage to find out that their home insurance didn’t cover damages.

 

To find out if your property is located in a 100 year floodplain visit FEMA Maps by clicking on this link: FEMA MAPS

 


Flood Insurance, Why should you buy it?

Peace of mind knowing you can protect your investments but be sure to ask your representative if your insurance covers all water damage.

 

FEMA website can answer most questions about Flood Insurance and the many Programs to fit your personal wants and needs. Educate yourself by visiting

FEMA Glossary:


Flood Insurance, Why should you buy it? Has been brought to you by

Bob Ratliff, REALTOR® (512) 587-5689 (information has been gathered through

FEMA website)

Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Bob Ratliff we've listed properties that were in a flood plain zone....the insurance in MA is very expensive.....

Oct 17, 2018 06:09 AM
Potranco Realty

Hi Barbara, it can be expensive..... With all the local news channels reporting record flooding in Central Texas many homeowners thought they would never see water damage only to find out they're not covered.

Oct 17, 2018 06:17 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

We went on a showing a couple of weeks ago, and when Larry opened the basement door, the toys and tools were floating around...And this was not a flood zone!

Oct 17, 2018 07:55 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Luckily, I don't live in a flood zone, but I thought about having flood insurance just in case.

Oct 17, 2018 10:09 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Bob - absolutely need to have it.  I had to ask for it.  I was not high risk and it was very favorably priced.

Oct 17, 2018 10:30 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Even those folks outside of designated flood zones should buy flood insurance, Bob.  Just look at what has been happening with floods recently and in the past few years.

Oct 18, 2018 05:40 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Bob --- it's interesting how quickly water can/does go from "friend" to "foe".

Oct 18, 2018 08:16 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Bob good information and good advice.  If I lived in a state that was prone to get hit by hurricanes I would be purchasing flood insurance whether I was in a Flood Zone or not.

Oct 18, 2018 03:19 PM
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By Real - Alexandria, VA
Alexandria Virginia Homes For Sale

Bob, there are quite a few areas here and require flood insurance. It's so important to have if there's a possibility of flooding, well worth the money. I agree with George, if I lived in an area prone to hurricanes I'd definitely have it.

Oct 18, 2018 04:23 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Bob excellent reasons to buy Flood insurance, now with that said go Red Sox:))Endre

Oct 18, 2018 11:59 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Bob... great post and information... so many people don't realize that their homeowner's insurance won't cover certain water damages.

Oct 19, 2018 04:30 AM
Mary Smith
Alliance public adjusters - Alameda, CA
Alliance public adjusters

I totally agree with the above article. Everyone those who are living in the downside of the hills, always face issues with the water damage, flood damage. So every homeowner living in the area of Glendale, Los Angeles must go through the insurance policy. So that they can claim on the policy against the damage and can get the recovery amount. They can even take some help from the claim adjusters say public adjusters like public adjuster Los Angeles for more details.

Nov 02, 2018 09:38 PM