The Importance of Flood Insurance

Dated: 09/10/2018

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It's been a month since my last blog post. Not much unlike anyone else, things happen in life that often require our attention to be diverted elsewhere. I'm still here and working. I wanted to take the opportunity to talk about Flood Insurance.

Why?

Because there aren't many who are reading this that haven't been effected by the recent flooding in PA.

The federal government consider flooding as the most common claim by homeowners. Were you aware that most homeowners insurance policies do NOT offer flood insurance? 

If you have a mortgage and live in high risk area, your lender will likely require you to buy a flood policy.

If you live in a moderate - low risk area and your Community belongs to a National Flood Insurance Program, you may have an option to purchase it. The good news is most communities are involved in such a program.

Since we are all about saving a few dollars, you're probably wondering how much Flood Insurance costs. The truth is, it depends. It can be reliant upon your risk of flooding.

Homeowner's only covers rain that falls from the sky, once it hits the ground and causes damage from the collective water on the ground, it's considered a flood.

To clairfy, the National Flood Insurance Program cites the following as the definition of a flood

        "a general or temporary condition of partial or complete inundation of two or more aresof normally dry land area of two or more properties from overflow of inland or tidal waters , from unusaland rapid accumulation or runoff of surface water from any source, or from mudflow."

Everyone lives a flood zone, your risk of flooding is rated by zones . Zone A & V are high risk, while B, C, & X are moderate-low risk. Zone D in unknown, as it hasn't been mapped.

1 of out 5 flood claims are made by moderate-low risk homeowners. THAT'S 20%! 

The average flood claim is $30,000 and you can't count on goverment aid. 

Go to Flood Smart go find out whar zone and visit National Flood Insurance Program Website  to learn more.

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Ashley Pugliesi

Serving southwestern Pennsylvania Ashley is a Pittsburgh transplant, who is ready to help with your real estate needs. With a background in banking, customer service, and supportive roles in real es....

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