Do I Need Flood Insurance?

May 30 04:35 pm
1 Comment
Original flood ratioed

Is Flood Insurance Required?

When you own a home with a Mortgage on it, your bank will require Flood Insurance if you are in Flood Zones A or V. So people in these zones will normally purchase Flood insurance up to the maximum of $250,000 for Dwelling and $100,000 in contents. Even if it costs more to rebuild, they only buy the basic policy and leave the excess uncovered. Homeowners in Flood zones B, C and X are not required by their bank to buy Flood Insurance, so most of them don't insure against Flooding. While the vast majority of homeowners with no mortgage reject Flood insurance too. Most people figure, "if no bank requires it, then I don't need it..."

Those days are over. Whether you believe in Global Warming or not, the sea levels have definitely risen over few past decades. Floods are more frequent and more severe than ever.

Flood Damage from Prior Storms

Its no longer, IF you may suffer flood damage, but when. Inland or Coastal, all homes are susceptible to flooding. Disaster assistance from FEMA are loans, not grants. You have to pay them back with interest.

Our Advice Regarding Flood Insurance

  • Buy Flood Insurance at least 30 days prior to Hurricane Season. If you don't have prior, there may be a 30 day wait.
  • Buy Flood Insurance whether you're in a Flood Zone or not.
  • Buy Flood Insurance whether your bank requires it or not.
  • Buy enough coverage to rebuild your home.

Hurricanes are scary enough, you don't need the extra stress caused by flooding.

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T. Smith Jun 02 2018

A two bedroom condo located on the 3rd floor of a three story building, is Flood Insurance required?