Last month (June 19th 2016) in the Conroe Courier there was an article titled 8 things that you didn't know about flood insurance. Byron Ellis, Finance Columnist included the following take away points that strike me most:
- Because the earth is always changing (new buildings and parking lots) even miles away can affect the water patterns.
- Your detached structure may need a policy of its own.
- You cannot run a business out of the garage and have it be covered under your flood policy.
- The flood has to cover at least 2 acres if you have acreage.
- You may not be covered if your pool overflows into your house. If your home is flooded by your rising pool water, the water has to cross an adjacent structure along with flooding your home.
- You can buy flood insurance after you have been flooded.
- After a 30 day waiting period, you can purchase a flood policy. While it won't pay for repair to the damage of the first flood, it is suggested you hold on to your receipts in case you have another loss after the policy is in force. FEMA will require proof that you made the repairs from your first loss.
- FEMA cannot cancel your flood insurance policy! (as long as you have paid your premiums)
- FEMA cannot cancel you no matter how often your property floods.
- If you are more than 60 days late on premiums you will have to have a new policy written.
- You can transfer your policy to a new homeowner. This keeps their policy premiums lower than if they secured one on their own.
- If your flood zone improves you can get your premiums lowered.
- You can request lower rates by showing a new elevation certificate.
You might be wondering if I personally have flood insurance? YES! Anytime water comes from outside to flood your home this catastrophe is not covered under your homeowners insurance. Because we live in an area prone to flash floods and because our area is ever growing and changing my personal home is covered with flood insurance. Be sure to visit with your insurance agent and get this information plus any questions you may have verified by an insurance expert.
If there is anything I can help you with when it comes to Real Estate be sure to contact me!