Are you Purchasing A Home in a Flood Zone?
We live in South Florida and many homes even though you would not think are in a flood zone…unfortunately they are. Not a reason to walk away from a home, but you do want to know what it might look like when it comes to your yearly home owner insurance payments.
FEMA which is the Federal Emergency Management Agency categorizes the level of risk from a high risk area of 1+% possibility of flooding to a low or medium risk with a 0.2% or less chance of flooding.
You can check out the flood zone map in Miami-Dade area where you can review the location of your property and what they have defined the area as. If you see a Zone labeled A or V, these are the highest risk flood zones and you will need to have flood insurance. Zones, B, C and X are lower risk.
You can get flood insurance in any area you live in whether you are in a flood zone or not. Of course you can expect to have a higher premium if you live in Zone A or V, compared to the other zones with lower risk. It is a wise decision to really shop around when looking for flood insurance. Great coverage gives you piece of mind in case something happens with a hurricane or bad flooding. Some policies in Miami-Dade area even pay for temporary housing so its important to do your homework.
Talk to us about insurance and we can recommend a great insurance rep to give you quotes.