You Still Need Flood Insurance Even if You're not in a "Flood Zone"
By Melissa McFarland / April 1, 2016
Flooding is a tragic event that damages countless homes and can cause injuries to hundreds of people each year. What many individuals do not know is that flooding can occur just about anywhere in the United States. Excess rain and broken drainage systems are just a few of the many causes of flooding, especially here in South Florida.
As most of you are aware, the Federal Emergency Management Agency, FEMA, has completed a rezoning process for most of Broward County. This means that your home may have previously been in a higher-risk zone, such as AH or AE, and is now in a lower-risk zone: X or B.
Even though Broward County has changed most areas to a "non" flood zone, one city in particular had just the opposite result ... Parkland. Most of Parkland previously was not in a flood zone and now is considered to be a higher-risk zone. That means most residents who were not required to carry flood insurance now are.
For those of you outside Parkland, just because your home may no longer be in the higher-risk area does not mean that you are 100 percent protected from potential flooding. The new zone is lower risk, not "no" risk. Even though you are now zoned to a lower-risk area, your neighbor across the street may still be in a high-risk area. The last time anyone checked, flood waters did not discriminate.
A flood can happen for a number of reasons, such as poor drainage in your neighborhood, or a rising canal or lake behind your home. When you are in a lower-risk flood zone, the premiums for coverage are much less than those of higher-risk zones.
Countless customers have called in requests to cancel their flood insurance altogether. We need to think logically and do the math.! We must all be aware that our home insurance policies do not have any coverage for rising water from the outside in. Only one inch of water in your home could result in $21,000 in damage. The cost of flood insurance in a low-risk zone with maximum coverage limits is only $414 per year. That is a lot more bearable than $21,000 out of pocket.
Also note that these costs are now going to your responsibility to pay. If your mortgage company does not require flood insurance any longer as part of your loan, it will also no longer escrow your annual premiums. Even though these expenses may be out of pocket, it is a small price to pay for the peace of mind it will give you down the road.
Be cautious and aware that saving a few hundred dollars a year may ultimately result in thousands if a claim should occur. Please contact a knowledgeable agent so that you can get the information you need when moving forward with your flood insurance.
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