Highlights FEMA says flooding is the most common and costly type of disaster in the U.S. There's a lag time, so you can't wait until water is rising to buy flood insurance. A flood policy in a high-risk area can cost thousands of dollars a year.
Flooding is the most common and costly natural disaster in the U.S., according to the Federal Emergency Management Agency, or FEMA. FEMA administers the National Flood Insurance Program, or NFIP, the primary source of coverage for homeowners and renters. Congress recently agreed to a five-year extension of the program, which insures 5.6 million property owners.This have you scared? Don't be, flood insurance is relatively inexpensive when you consider the coverage it provides. For more information about the need for flood insurance and costs involved, read the full article.
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First, you should not buy a home in an area that is susceptible to floods. Buy flood insurance even then. If you got a good deal on the price that justifies you buying a home in a flood zone, take extra steps by buying the best insurance option available. Personally, I advice our buyers not to consider homes in highly probable flood zone. It is just not worth the trouble if something goes wrong.
ReplyDeleteIn NJ, it is customary to allow the buyer 10 days in which to perform a flood zone search and have the right to cancel the contract if the property is in a flood zone requiring insurance.
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