On Second Thought, Maybe You Do Need Flood Insurance

By
Real Estate Agent with Native Sun Realty, Inc.

 

Hurricane Irene gave the media a big story to cover for about a week.  SoonFlooded House the coverage of the devastation will give way to the next “Breaking News” alert and those people not directly affected by the storm will forget it. 

Not so for those that suffered damage to their homes.  Irene came ashore as a category 1 storm packing winds of 100 MPH or less so wind related damage could have been much worse.  In fact, the real damage delivered by Irene came from the storm surge and flooded areas located outside of designated FEMA hazard flood zones.  Homes in these areas are not required to have flood insurance so most property owners did not have coverage believing that their hurricane policy would protect them.  Not true.  The only insurance that provides coverage for flood damage is flood insurance.

 

Most communities prone to hurricanes will have maps showing Storm Surge Zones and Evacuation Routes for each storm category.  Even though FEMA flood maps may not require you to carry flood insurance it may still be wise to get it if you live in a storm surge zone.

 

Here is a link to the Storm Surge Zones and Evacuation Routes for Jacksonville Florida.  As shown on the map the storm surge can impact properties far from the coast where residents may feel safe from the coastal effects of hurricanes.

 

I am frequently asked by home buyers if a home needs flood insurance.  I make a clear distinction between what is required and what is needed.  If your home is located in an area where storm surge flooding can be expected when hurricanes strike I say it’s best to be protected.  Considering that the average flood insurance policy in 2010 cost about $600 a year and the average claim over the last five years wasabout $34,000.  Maybe you do need flood insurance.

 

 

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Florida Duval County
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hurricane irene flood insurance evacuation zones jacksonville florida real estate

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Rainmaker
206,301
Ed Gillespie
WealthWise Mortgage Planning, a Division of American Pacific Mortgage Corporation NMLS #1850 - Folsom, CA

Wise counsel, Lucien!  Might be better to pay the small premium amount than to wish you had!

Aug 30, 2011 04:36 PM #1
Rainer
47,026
Lucien Vaillancourt
Native Sun Realty, Inc. - Jacksonville, FL
Jacksonville Florida Real Estate

Very true Ed.  It's easy to look at eliminating voluntary flood insurance when times are tough.  Not having it and suddenly needing it makes times even tougher.

Aug 31, 2011 04:56 AM #2
Rainmaker
1,229,996
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Lucien--Good recommendation.  Anyone near water or in the path of water source should have flood insurance.  If they don't then they are flirting with danger no doubt.

I own acreage with Trout Run traveling through my property, but fortunately my house and barn are approx 30 feet above the stream.  Two years ago the lower level was flooded as were properties down stream.

Sep 08, 2011 07:26 AM #3
Rainer
47,026
Lucien Vaillancourt
Native Sun Realty, Inc. - Jacksonville, FL
Jacksonville Florida Real Estate

Wow Mary, sounds like you had a close call.  Thankfully your home is at a high enough elevation where the flooding did not reach you. 

Sep 08, 2011 07:51 AM #4
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Rainer
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Lucien Vaillancourt

Jacksonville Florida Real Estate
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