"In 2005, I sold a home that when I bought it, three years earlier, was not considered to be in the flood plain of any sort. I bought flood insurance for around $250 per year anyway. Upon putting my house up on the market, my real estate agent asks me if I have flood insurance. The reason, the maps had been redrawn to place me in the flood plain. I was still paying around $250 per year. My real estate agent was delighted. Because the home was now in floodplain, mortgages require flood flood insurance. I would be permitted to "grandfather" my flood policy, that was rated before the redistricting, to a new owner and they could continue paying the lower rate! The difference in premium was almost $1500 a year from a new rerated policy. Thats about $125 pm that would have gone to flood insurance instead of qualifying for a larger loan for the buyers of my new home.
A saturated ground means flooding
What is your flood risk?
There are different reasons a community may flood; storm surge, river flooding or heavy rainfall. Low-lying or poorly drained areas can also increase a community's flood risk. To protect yourself, learn what flood threats affect your community.
Determine if there are rivers or creeks that flood frequently.
Is your home located in a low-lying area?
Determine your home's elevation.
Result of the story, because I had the flood insurance, my home was able to be sold for a significant premium and still on a monthly basis cost less for the buyer than another home. I sold my home in 12 days for just about asking price, the most per square foot ever received in my neighborhood!
So to those naysayers about flood insurance, I say there is that possiblity of being redrawn into a flood zone and then what are you going to do? Flood insurance is really a necessity."
Our Flood Insurance is through American Bankers, an Assurant Company, and is fully underwritten by the National Flood Insurance Program. Email us to get a quote, or if you prefer call us today at 1.888.796.7881!
