Explore the differences in flood insurance policies and understand the various flood zones to ensure your property is fully protected. This guide covers everything from NFIP to Hiscox FloodPlus definitions and the significance of each flood zone.
With the official start of the 2021 hurricane season rapidly approaching, flood insurance inquiries are surging in a red-hot real estate market. However, as many new and existing home and business owners gear up to shop for the policy that provides them the largest rate relief, it is imperative to understand the limitations of both standard NFIP flood insurance policies and many private flood insurance providers as well. Understanding these limitations and offering potential solutions to combatting out-of-pocket expenses will be key to retailers capitalizing on the flood insurance marketplace. Very few home/business owners realize their true flood risk, let… Read More »Standard Flood Insurance Limitations
As the mountain snows melt, spring rains begin to fall and hurricane season rapidly approaches, it is important to remember that flood insurance typically is not a covered peril in a traditional homeowner’s, dwelling, condo or commercial property policy. As the property market continues to harden in 2020, it is more important than ever to understand your true risk of flooding and confirm you got adequate coverage options to protect what is probably one of your largest assets.
Flooding is the most common and costly natural disaster in the United States, with 90% of natural disasters in the U.S. involving flooding. This isn’t just coastal flooding, either. In fact, 98% of all U.S. counties were impacted by a flood event in 2018.
Yet, most property owners do not think their building is susceptible to flood. Common stances on flood insurance include, “I’m not in a flood zone;” “My realtor told me I am in a preferred flood area;” or “It hasn’t flooded in this area in 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! Even many low-to moderate-risk areas see an annual risk greater than that of a home fire, with ranges between 0.2% and 1% in the 500-year flood plain.Read More »Standard Flood Insurance Bootcamp – All You Need to Know
If you are one of the number of flood insurance policy holders, you will not have coverage for damage caused by the rising water, if you got your policy after the decision to release water to the Missouri River.
Rising seas spurred by climate change could threaten 180 U.S. coastal cities by 2100, a new study says, with Miami, New Orleans and Virginia Beach among those most severely affected. If you have anything related to a coastal property, or even inland, by the river or lake, it’s time to review your Flood Insurance needs. Call us 650-353-5868 to get an instant quote over the phone