Why Flood Insurance Is A Good Idea

Dated: August 18 2016

Views: 560

Image title

FEMA has created a map of the United States that determines the probability that the property will flood. This map was created as a guideline for federally 
backed mortgages. Flood insurance rates are based on the area that the said property would be in. FEMA rates these areas by letters. For example letters "AE"
would be at the highest risk and these properties are required to keep the property covered by flood insurance if the mortgage is a federally backed loan such
as a VA or FHA. Also, most mortgage companies will require flood insurance if the property is in high risk areas.

There are many areas in the Galveston County area and other areas that do not require flood insurance because the risk is not high enough. A normal home
owner's insurance policy does not cover rising water. Many do not cove mold damage either. With this being said FEMA regulated the rates on flood insurance
and if your property is not in a flood zone, flood insurance is relatively affordable. For a typical $200,000 home is under $500 a year. That is less than $41 a month. The average loss from a flood is a little over $31,000. It makes sense to include flood insurance in with your other insurance to protect your home. At the following link you can see recorded data through FEMA of flood events. Many of these were not due to a hurricane.
The following is a link to Mercury Insurance Bergvall in Texas City. Get your quote today.
Blog author image

Texas Property Chicks Team

Who are these Chicks? A group of woman who knows that we can offer more together than separately. In this small diversified group of not only realtors, some are also tax preparers, pastors, invest....

Latest Blog Posts

Its Not Just About The Price Of The Home

It’s Not Just About the Price of the HomeWhen most of us begin searching for a home, we naturally start by looking at the price. It’s important, however, to closely consider what else impacts

Read More

Three Ways To Win In A Bidding War

Three Ways to Win in a Bidding WarWith so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are

Read More

The Cost Of Renting Vs Buying A Home

The Cost of Renting Vs. Buying a Home Some Highlights The percentage of income needed to afford a median-priced home today is declining, while that for renting is on the rise.

Read More

Summer Is The New Spring For Real Estate

Summer is the New Spring for Real Estate Some Highlights The health crisis slowed the market this spring, so buyers are jumping back into the market to make their moves this summer. Check

Read More