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Flood Insurance?
Dated: October 20 2022
Views: 90
If you live in Southwest Florida, you understand rain. It seems like just about every day it rains here in the summer, which can lead to flooding. This blog may help you to 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 are areas within the floodplain that
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 a home within identified SFHA will be flooded.
National Flood Insurance Program Act of 1968 (NPIF) which 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 buy flood insurance. In most cases, the homeowner will have to pay for flood insurance every year until the mortgage is paid off.
Flood damage is not typically covered by a homeowner’s insurance policy. 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, number of floors, 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 homeowner’s insurance company.
You can find out about the flood risk of any property at FloodSmart.gov.or contact us regarding any property which interests you and we will help you locate updated
information about flood-prone areas. If the website says the property is in a high-risk area, flood insurance will likely be required. The final decision depends on flood insurance rate maps and an official flood zone hazard determination. You can see the maps yourself at FEMA.gov. You should also ask your lender about its flood insurance requirements.
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