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Flood Insurance - Who Needs It?
Flood insurance - who needs it? Basically everybody! Here are some facts on why I make that statement.
According to the National Flood Insurance Program, within the timeframe of a 30 year mortgage a homeowner has only a 9% chance of making a fire damage claim but a 26% chance of making a claim for flood damage! Pretty striking statistics, wouldn't you say?
If you read my post yesterday on the Flood Insurance Changes going into effect on October 1, 2013, you know that the price increases are astronomical! If you own a little home priced at about $120,000 in flood zone X, a zone that does not need flood insurance, your annual premium right now for flood insurance would be about $310. After October 1 that same premium would be approximately $1310!!! And that is in an area that is designated NOT a flood zone!
Look at the flooding that took place across our nation this summer alone! With the banks of rivers overflowing and flash floods in places like Missouri, Oklahoma, Tennessee, New York and Arkansas, it isn't just those homeowners along the seashores that need flood insurance. It only makes sense to have this coverage if you can afford ... more

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