The Florida Flood Insurance Gamble
Buying a home for sale in Florida assures that you have heard about, thought about, and possibly made decisions about Flood Insurance. Undoubtedly, you are aware that any property for sale in Florida runs the risk of being in the path of a hurricane. While the strong winds of a hurricane can cause damage to your property, your typical homeowners insurance will cover that damage. Flooding, can cause catastrophic damage and is not covered under the typical homeowner insurance policy. Leaving the decision on whether to purchase flood insurance up to the homeowner.
The decision to go without flood insurance can cause serious financial difficulty if your property floods which is why Florida homeowners often carry the additional insurance. The decision to purchase flood insurance saves you from that large financial costs in case of disaster, but the premiums can be expensive adding to your annual budget. This tug-of-war between the pros and cons is the reason many put off the purchase of additional flood insurance. It is important that you not procrastinate this decision but rather contact your property insurance company to set up a meeting to review your current policy and make decisions on adding flood insurance to that policy.
To get more information on flood insurance before you meet with your insurance company, you may want to visit the FEMA site FloodSmart.gov the official site of the National Flood Insurance Program (NFIP). You can find information on the basics of flood insurance, what is typically covered, and you can even download a flood zone map for your property.
The gamble with flood insurance is not one to take lightly as many homeowners came to realize as Hurricane Matthew blasted past our coastline. Flood losses are costly and purchasing the correct flood policy for your home can be affordable and give you peace of mind in your St. Johns County home.
Interested in buying or selling a home in St. Augustine or the Northeast Florida area? I am a licensed REALTOR® with an abundance of experience in St Johns County. Please visit my website where you can search homes for sale in St. Augustine and the surrounding area for the perfect home.
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