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Real Estate News 5/19/13-5/25/13
From the Desk of Bob Caldwell Real Estate Report 5/22/13      Homeowners will see increases in the rates they pay for flood insurance soon with owners of vacation homes seeing the biggest jump. Though floods can bring walls of water 20 feet high, even a few inches of water can cause thousands of dollars in damage. Between 2007 and 2011, the average flood claim fielded by the National Flood Insurance Program was nearly $30,000. The cost of the typical flood policy is about $625 a year. According to the Federal Emergency Management Agency, which operates the flood insurance program, flooding occurs practically every day, practically everywhere. And it is costly, racking up $2.9 billion in losses between 2002 and 2011. Flooding is the nation's most common natural disaster. About 90% of all disasters in the U.S. involve flooding, and flash floods happen in all 50 states. In areas prone to flooding, there is a 26% chance a homeowner will be hit by a flood of some kind at least once during the life of a 30-year loan. And flood damage can just as easily result from overburdened or clogged drainage systems and drainage from new development as from major storms. ... more

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