Why To Renew Flood Insurance Policy

Dated: 09/27/2017

Views: 80

Just because you haven’t experienced a flood doesn’t mean you never will. A quarter of all flood insurance claims are submitted by policyholders in low-to-moderate risk areas, and policyholders in high-risk zones have a 26% chance of experiencing a flood over the life of a 30-year mortgage. And remember, your homeowners insurance typically does not cover floods.

Continuous coverage gives you uninterrupted protection.

Floods can happen anytime, anywhere—to anyone.

An afternoon storm or backed-up storm drains could bring inches of water into your home causing thousands of dollars in damage to walls, floors, and furniture.

Having a policy in force could save you money.

Flood risk often has a lot to do with how much you pay for your flood insurance policy. Most policyholders living in areas where the flood risk has increased can renew at a rate based on their previous flood zone. They are “grandfathered” at the lower zone designation.

Letting your policy lapse could cost you money.

Keep in mind, if you ever allow your flood insurance policy to lapse for either more than 90 days, or twice for any number of days, you may be required to provide an Elevation Certificate and you may no longer be eligible for any discounted rate you have been paying.

Protect your investment—your bank expects you to.

If you live in a high-risk area and have a loan from a federally regulated or insured lender, you are required to renew your flood insurance. When you purchase a home, you accept liability for any damage from fire, wind, hail, theft, or flooding that may occur while you live there.



Information is from https://www.fema.gov/national-flood-insurance-program/Renew-Your-Policy

Blog author image

Jenny Rutherford

Meet Jenny Rutherford Jenny Rutherford Real Estate, LLC. Where did you grow up? I grew up on a farm at the base of the Blue Ridge Mountains in Virginia. I've lived in several states, including Virgi....

Want to Advertise on this Site?

Latest Blog Posts

COMING SOON 3BR 2BA Raised Beach House With Beautiful Deck Area On Tybee

🌴COMING SOON ON TYBEE ISLAND!🌴3BR/2BA Raised Beach Cottage w/ Amazing Decked Outdoor Space surrounded by Majestic Live Oaks!📍6 Hodges Street, Tybee Island, GA 31328Offered at $435,000Built

Read More

Adorable 3BR 2BA Home In The Heart Of Rincon

NEW LISTING!3BR/2BA Home in Lost Plantation Neighborhood in Rincon!Vacant, Easy to Show & Can Close in 30 Days or Less!📍404 Keller Road, Rincon, GA 31326💵Listed For Sale at $200,000Bright

Read More

Cash Flowing 3BR2BA 1560sqft Duplex On Tybee Island

NEW LISTING!Turn-Key Vacation Rental on Tybee's North End! Potential Rental Income of $60K+!Add a Pool and Rental Projection is $85K!46 Van Horn Unit A&B, Avenue Tybee Island, GA 31328Offered at ,

Read More

Adorable Raised Beach House On Tybee And Potentially Lucrative Vacation Rental COMING SOON

We have an adorable NEW LISTING on Tybee Island! It's a raised beach house on the North end of the island! 2BR/2.5BA 1238sqft with the potential to add a 3rd bedroom with its own private

Read More