I had enough of the hurricanes and the hypes by the TV news. I had enough of double digit increases in hurricane insurance. I had enough of not having power for a week at a time and I definitely had enough of the politicians in Florida not giving a damn. I was fortunate enough to sell my house on June
5th and I now live in a safe area, Asheville North Carolina.I don't think that's accurate. Homeowners should look at their survey or check with their county building office, which can tell you precisely what flood zone you are in. You and your next door neighbor may not even be in the same flood zone if one of the two houses is built on a higher pad -- and the amount of your flood insurance premium will depend upon your precise flood zone. My one acre lakefront lot is charged a different premium than my next-door neighbor because of a difference in pad heights which creates a different flood zone designation.
The fact is that if there is a hurricane and you are flooded, your normal insurance will not reimburse for the flood damage -- only your flood insurance pays for that, regardless of what happened to your neighbors. Most mortgage holders will require that the homeowner carry flood insurance at certain levels of flood zones. For most in Florida, even on the Highlands Ridge, it's a good idea. Regards -- JimR
Flood insurance is a federal liability.
And the Feds will only cover a maximum of 250K for the house and 100K contents at a current price of $317 per year.
You're not limited to the $250K, though. You can buy additional flood insurance, over and above the federal insurance up to your required limits, from commercial sources. My insurance company recently sent me information on how to purchase the additional flood insurance. Regards --
How's about sharing which companies will write above the 250K and the premiums?
I wish I could -- I threw away the information I received, which was from my insurance company but gave me the name of the commercial flood insurance source. If I get anything I'll post it -- Regards --
Thanks because I called my broker and he never heard of such coverage. Can you give me the name of your insurance company and I'll ask them direct?
Here's a quote from FloodSmart.gov (the official site of the federal flood insurance program):
Here's how "flood" is defined by the National Flood Insurance Program: "A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder's property) from:
Here's another quote from the FAQ's at the above web site:
Does the NFIP cover flood damage caused by hurricanes, rivers or tidal waters? Yes, providing that at least two adjacent properties in the area (or two acres) are flooded.
Bottom line: You won't get any payout from flood insurance unless the conditions mentioned above are met.
Jean
[snip] [snip]
Jean -- the info from your agent may be out-of-date or incorrect. First of all, the "two adjacent properties" or two acres meant just that -- two properties, so that would have meant your property and one other abutting it. Secondly, the "adjacent" has been removed from the insurance contract, so now the only requirement for a flood is that it cover at least two acres or two properties, not necessarily adjacent to each other. The Floodsmart FAQ is out-of-date on that item. This information was confirmed by my flood coverage carrier. -- Regards, JimR
For those who obtained federal flood insurance thru USAA, additional flood insurance over and above the federal program's $250K limit is available from Southwest Business Corporation, who can be reached at 866-387-9736. I haven't used it and don't know if other carriers have made the same arrangement. Regards -- JimR
HomeOwnersHub website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.