Why Do You Need Flood Insurance?

By
Real Estate Agent with Coldwell Banker Select, Realtors -- Tulsa, Oklahoma 120358

Flood on Sugar Creek

 

Why Do You Need Flood Insurance?

According to Edward L. Connor, Deputy Administrator, Insurance, for the Federal Insurance and Mitigation Administration, "Floods can bring, mud trash and, if you don't have flood insurance, debt." If your home floods, you will incur debt to recover after a devastating flood.

Many people do not have enough in their savings accounts to pay the costs of recovering from a flood.

According to FEMA, "Over the past five years, the average paid claim for flood damage was $33,790."

 

Your Mortgage Lender May Require You to Get Flood Insurance if Your Home is in the 100-Yar Flood Plain

In order to pay for all the claims, FEMA has conveniently almost tripled the width of the flood plain. 

The result is that if you didn't think you needed flood insurance in years gone by, you will be convinced by your mortgage lender that you need flood insurance now.

So rather than making the choice to get flood insurance, the federal government, along with the insurance industry has made it easy to decide.

Flood insurance may be mandatory when a structure is in the flood plain.

Federal law requires people who own homes with a mortgage through a federally regulated and insured lender to carry flood insurance.

In short, if you have a mortgage loan and are now in a flood plain, you must carry flood insurance or your mortgage note is immediately due and payable. No kidding! Even if you have lived in your home for sixty years and it has never flooded, you may have to carry flood insurance if you have a mortgage.

Your premium payments will help the federal government assist others who actually do get flooded out from time to time or once in a blue moon. By purchasing flood insurance, you are not only protecting the home you love from the remote possibility of being devastated by a few inches of floodwater, but you are helping your neighbors in New York, New Jersey, Iowa, and Louisiana. By purchasing flood insurance, you are being a good citizen as well as protecting your savings account from potential catastrophic losses.

 

You No Longer Have the Choice if You are In a High Risk Area

So even if you live on the edge of a high risk area, where you only have a one in four chance of flooding during the course of a 30-year mortgage, you no longer have the choice. You have to get flood insurance. Admittedly, without flood insurance, recovery costs must come out of your own pocket.

Why save for the eventuality when you can purchase insurance for much more money and never have to worry about managing your own savings. Just wait and see if you experience a flood and wait for FEMA to help you out. That's why you need flood insurance.

Don't you feel so much more secure in knowing that the federal government can better handle your money than you can? Just trust the National Flood Insurance Program. If you don't believe me and want to learn more about flood risk and flood insurance, go to Floodsmart.gov/highrisknow.

To find agents in your area, call 1-888-724-6975. Whatever equine discipline you enjoy, there's a place just right for you and your horse in and around Tulsa, Oklahoma.

This article was originally posted on OklahomaHorseProperties.com.

____________________________________________________

If you own a ranch or a horse farm near Tulsa and are interested in moving elsewhere or moving to midtown Tulsa or even hanging up your spurs, please call me. I'd love to position your Tulsa area horse property in both the Tulsa real estate market and in the Grand Lake real estate market.

Call or text Debbie Solano at 918-724-8201.

 

Shortlink: http://oklahomahorseproperties.com/?p=1343

--------------------------------------------------------------

Copyright© 2013 by Debbie Solano -- ALL RIGHTS RESERVED --  Why Do You Need Flood Insurance?

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Groups:
The Lounge at Active Rain
Certified Residential Specialists
Addicted to Active Rain
LATE NIGHT - EARLY MORNING AT ACTIVERAIN
Tags:
flood insurance

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,117,968
Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

A great post.  Here in the Houston and Gulf coast region, we are faced with flooding a lot.  So important to be informed.

Apr 03, 2013 07:08 AM #1
Rainmaker
85,945
Debbie Durkee
Coldwell Banker Select, Realtors -- Tulsa, Oklahoma - Tulsa, OK
ALC, CRS -- Land & Country Estates near Tulsa

Thank you, Paula.  In your area you often see flooding.  Did you see an increase in the flood insurance rates this year AND did you see the new flood maps take in more territory around springs and creeks?

 

Apr 07, 2013 10:26 AM #2
Ambassador
2,681,681
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services
Great stuff you have here Debbie that discusses the importance of having a flood insurance. It is common and true that most people do not have enough in their savings accounts to pay the costs of recovering from a flood. Now the federal government,along with the insurance industry has made it easy to decide. Flood insurance may be mandatory when a structure is in the flood plain. Thank you for sharing and stay the most reliable Tulsa OK Real Estate Specialist.
May 13, 2013 10:57 PM #3
Rainmaker
709,157
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale
Well written article Debbie that provides information on the value of having a flood insurance. It is very important for a homeowner to know if their property is part of 100-Yar Flood Plain. Thank you for a good post.
Jun 29, 2013 02:25 PM #4
Rainer
87,342
Melissa Muse Wiggans
Real Estate Muses - San Antonio, TX
CRS, GRI, ABR - Real Estate Muses
Thank you for sharing the link Floodsmart.gov/highrisknow for homeowners to know if they are part of the 100-Yar Flood Plain. This will surely come in handy as a guide in the future. All the best.
Jun 29, 2013 02:55 PM #5
Rainmaker
707,776
Erika Rogers
Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage - Saint George, UT
St George Utah Real Estate & Relocation Specialist
Informative post Debbie that provides reason why an owner needs a Flood Insurance specially if they are part of the high risk area for flood. This is now mandated by the law and should be followed with importance by homeowners.
Jul 01, 2013 11:44 PM #6
Rainer
194,270
Waynette Hoover Araj
Keller Williams Realty - Asheboro, NC
Connecting your Dreams with the Right Real Estate
Thumbs up Debbie for a very informative blog. Thank you for sharing and stay the best Tulsa, OK Real Estate Specialist.
Jul 02, 2013 12:15 AM #7
Rainer
75,048
Pat and Ed Okenica
RE/MAX Agents Realty Lake Oconee Ga - Greensboro, GA
Lake Oconee Ga Real Estate
Well written post Debbie that emphasizes the importance of having a flood insurance and getting the right information about it. Every homeowner must be aware if their property is part of the 100-Yard Flood Plain. Well done for featuring this article and keep it up.
Jul 05, 2013 02:15 AM #8
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
85,945

Debbie Durkee

ALC, CRS -- Land & Country Estates near Tulsa
Ask me a question
*
*
*
*
Spam prevention

Additional Information