Should I buy flood insurance, P.1 | Florida Real Estate Attorney Blog

Flood losses can be devastating on families who aren't prepared for it. Many families in the Northeast experienced this in 2011 with Hurricane Irene. Many of these homeowners are now rethinking their need for flood insurance as a result. And some are purchasing flood insurance because they are being required to by their lenders.

According to a spokesman of the Insurance Information Institute, many are wondering what alternatives they may have if they are without flood insurance. Those living in a FEMA-designated Special Flood Hazard Area (SFHA) do not have to face this question-they are required to purchase flood insurance through the National Flood Insurance Program-but those who own their home outright or reside in areas not designated by FEMA as a SFHA may have a difficult time on the question.

One important thing to realize, for those making this decision, is that nobody is absolutely safe from flooding. It's just that some are at more risk than others. So the first thing to look at would be your flood risk. Floods are, according to FEMA, the number one natural disaster in the United States, and they occur in all 50 states. One quarter of them occur in Special Flood Hazard Areas, and homeowners in these areas file over 20 percent of all claims through the National Flood Insurance Program and receive one-third of federal disaster assistance for flooding.

In additional, all types of property are subject to flooding risk, including high storied condominiums.

It is helpful, when making the decision to purchase flood insurance, to also consider the worst case scenario. In our next post, we'll pick up on this point and continue looking at how to decide whether to purchase flood insurance.

Source: Fox Business, "Five Steps to Assess Your Need for Flood Insurance," Jay MacDonald, January 31, 2012.

Source: http://www.floridarealestatelawattorney.com/2012/02/should-i-buy-flood-insurance-p1.shtml

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