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Flood Insurance....."Are you covered?"

By
Real Estate Agent with eXp Realty

Barren Tree after a Storm

Even though it's not officially summer, preparation for the unpredictable weather that summer brings should be well on the way. In the southeast it's important to prepare for the possibility of tropical storms and hurricanes that are associated with this time of year. Floods are one of the most common natural disasters in the United States and can occur in non coastal communities.

As a homeowner you should check the validity and strength of your home insurance coverage, take time to read the fine print and familiarize yourself with your insurance plan and what you're actually covered for. The total amount of your coverage and what items are fully or partially covered are also vitally important.

Keep in mind that Flood damage is not covered by the standard home owners' insurance policy so this would have to be a separate insurance that you purchase. 

In some areas flood insurance is required to close a home loan, however; in areas where it's not required don't wait for a flood warning to get flood insurance because there is a 30 day wait period before you can claim from it.

Today also marks the first day that NFIP (National Flood Insurance Program) will not be authorized to issue new or renewal policies until Congress reauthorizes the program. Existing policies will not be affected, or policies that were purchased before the program lapsed. FEMA allows buyers to assume the seller's existing policy without having to re-issue it.

For details see http://www.fema.gov/     

For the manual, copy and paste this url  http://www.fema.gov/pdf/nfip/manual201005/03gr.pdf

 

 

Robert Rauf
CMG Home Loans - Toms River, NJ

Adell, I posted a week ago about the deadline coming up, and no one seems to think that flood insurance is that important. 

you dont have to be on the water to be in a flood zone, and just because you are in a flood zone doesnt mean you will flood!

Jun 01, 2010 05:37 AM
David Obbee
Obbee.com - Agoura Hills, CA

Adell: Great post.  I think too many people assume that their homeowners insurance will protect them from flooding, and they're going to be horribly disappointed (if not financially ruined) if they don't take the right action.  Thank you for sharing!

Jun 01, 2010 05:53 AM