You Need To Know About These Flood Insurance Changes: Risk Rating 2.0
FEMA has updated its National Flood Insurance Program According to FEMA.gov, FEMA has updated the National Flood Insurance Program's pricing...
1 min read
Levi Kastner
Jun 30, 2020 1:53:02 PM
What YOU NEED to Know About Flood Insurance: FLOOD 101
Flooding is the most common and costly natural disaster in the United States, with 90% of natural disasters in the U.S. involving flooding. Yet, most property owners don't think their building is susceptible to flood. Common opinions on flood insurance include, “I’m not in a flood zone..” “My realtor told me I am in a preferred flood area;” or the best, “It hasn’t flooded in this area in a few years.”
Because mortgage mandatory purchase requirements exist ONLY for buildings deemed to be in high-risk flood zones, most property owners assume that if it is not required, then the threat does not exist. This could not be more incorrect! The highest-risk areas have at least a 1% annual chance of flooding. To compare, the average chance of a home fire is 0.33%...nearly three times less likely to occur in any given year.
Key facts about low-risk flood zones include:
FEMA has updated its National Flood Insurance Program According to FEMA.gov, FEMA has updated the National Flood Insurance Program's pricing...