Flood Insurance Part 3
There are several resources available to purchasers or interested parties that will assist in making good decisions regarding properties currently owned or contemplated purchases. One excellent resource is FEMA and good information can be found there. It’s a great place to start, but then so is your local insurance agent who should be up to date and ready to assist you with the changes that may be affecting your property or properties.
The best way to find out what the full risk rate is for a property is to have an elevation certificate done by a licensed surveyor. The elevation certificate usually costs $100-$200 and can be quickly completed. The FEMA maps may have a particular general determination for the area in which your property is located but the property may vary from the FEMA determination in your favor which will save you money. It’s important to know what the elevation of the actual structure is relative to the Base Flood Elevation. The higher the property elevation is over the Base Flood Elevation, the lower the flood risk and the lower the premium.
Once your elevation certificate is complete and submitted to your insurance agent, there may be additional steps that you can take to further reduce your insurance bill. You should talk to your agent about mitigation steps as well as contact FEMA for any additional suggestions that they may have for your property and risk reduction.
If your property has had continuous coverage or was built in compliance with the prior Flood Insurance Rate Map you will be phased into the new rates over a period of 5 years. The exact details of how this will occur are still being worked out at this time.
Regardless of where your property is located in the country, you may be subject to these rate increases, some more significant than others. If you’d like local pertinent information that can assist you with the purchase of a property or regarding a property that you currently own, please give us a call and we’d be happy to give you our local insurance contacts who are up to date, responsive, and informed.
And if you’d like to buy or sell a property in Naples, Bonita Springs, Estero or Marco Island with responsible, responsive, and educated Realtors, please give us a call at 239.293.0246.
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