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Don’t Get Caught in the Rain
Dated: October 20 2022
Views: 66
If you’ve found yourself in this situation or don’t want to be caught off guard, this blog may help you understand lender-required flood insurance.
FEMA, (Flood Emergency Management Agency) conducts flood insurance studies throughout the U.S., with the cooperation of local officials, to identify high flood risks called SFHA (Special Flood Hazard Areas). These SFHA areas within the floodplain have a 1% chance of being flooded in any given year. Over a 30 yr. period, the life of most residential mortgages, there is a 26% chance that homes within identified SFHA will be flooded.
National Flood Insurance Program Act of 1968 (NPIF) which the U.S. Congress passed, authorizes them to provide an opportunity for property owners to purchase flood insurance protection made available by the federal government.
Homeowners who take out a mortgage from a lender that is federally regulated or insured, such as an FHA mortgage, and buy a home in a high-risk flood zone, also known as the SFHA, will be required to purchase flood insurance. In most cases, the homeowner will have to pay for flood insurance every year until the mortgage is paid off. A homeowner’s insurance policy does not typically cover flood damage.
Flood insurance protects two types of insurable property: building and contents. The first covers your building; the other covers your possessions. Neither covers the land they occupy
The cost to insure a property against flood damage is determined by certain factors such as the year of building construction, the number of floors, the level of flood risk, and the amount of coverage required by the lender. This amount should be based on the cost to rebuild, which can be obtained from your homeowners’ insurance company.
When you are looking at buying a home in the Southwest Florida Real Estate Market, a REALTOR can be of great help in locating a property that may fall in areas prone to flooding. You can find out about the flood risk of any property at FloodSmart.gov or contact us regarding any property that interests you. We will help you locate updated information about flood-prone areas.
The MikeDowner.com website is the most comprehensive online source for Southwest Florida real estate information and services. Whether you are looking for the latest sales, trends, or homes for sale in Collier, Lee, Charlotte, or Broward Counties in Florida, Mike Downer and Coldwell Banker Realty have it all at your fingertips. Browse information regarding short sales, foreclosures, new construction, investment property, land sales, or commercial locations throughout Southwest Florida at www.MikeDowner.com or call Mike at 239-722-6453.
Michael Downer
Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....
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