Flood Zone Insurance
The term flood zone insurance can quickly eliminate many a homeowner's interest whose thoughts might be that it doesn't apply to them. Frankly, it is a bit of a snooze for an awful lot of homeowners who live in what are called the low to moderate risk zones. But the US government says all US homeowners live in water danger zones. And if Noah were around he would no doubt agree. The reality is that there are seventy four thousand dams across the US and one third of them pose substantial risk to life and property should they collapse. Floods are the most common disaster occurring each year in America and can come from many sources.
In such odd places as Minnesota or North Dakota, the ground is frozen by November and often remains so until late spring. As heavy snows begin to melt there is often nowhere for the water to go except outward, even miles from rivers and streams. In the Southwest where ground is bone dry for months at a time, a sudden torrential downpour occurs and floods come out of nowhere, referred to as flash flooding, and sun dried adobes become water drenched lumps. And while the obvious hurricane coastlines have their need for flood zone insurance, hurricanes have roared across the Caribbean and swept onshore, churning up towards Tennessee and then stalling and stalling. Sometimes for days the torrential rains come, hundreds of miles from those who had battened down the hatches.
The destructive force of floods has been clearly shown by the US government in its scenario of a nine hundred square foot ranch style house in Anywhere, USA. A six inch flood occurring in this house would bring an average of eleven thousand dollars damage to the residence and contents. A nine inch deluge would cause over eighteen thousand dollars in damage, while an eighteen inch water torrent brings with it over twenty-six thousand dollars in damages to the home owner, on average. The television pictures of homeowner sitting on the tops of roofs, obviously never expecting to need flood zone insurance and looking for help, can only bring thoughts to viewers of unimaginable pain and suffering for those living where the waters were not expected to ever come. But forget the Mississippi over reaching its banks, what about that storm drain out in front of your house backing up?
It would have to be very painful for those homeowners who had chosen not to purchase flood zone insurance in low to moderate risk zones to learn that the coverage could have cost fewer than one hundred and twenty dollars a year. Contents and building coverage for a total of two hundred thousand dollar would cost about three hundred and twenty five dollars a year. Living in the second of the three water deluge zones may put someone by a beautiful river or a gorgeous lake but it will cost someone for the same two hundred thousand dollar house about two hundred dollars a month for flood zone insurance. Floods were certainly common in biblical days and Jesus once compared a Christian's life to a life based not on Jesus Christ but on some other belief, goal or philosophy. "And the rain descended and the floods came and the winds blew and beat upon that house; and it fell not: for it was founded upon a rock." (Matthew 7:25)
But you say, I want Florida or Southern California or on that big lake with the dam just down the road. All rightee then. Do you live near a bank, cause there will be a need. The US government estimates that flood zone insurance for coastal and extremely high risk flood zones will cost almost six thousand dollars for that two hundred thousand dollar house and its contents. Yikes! There may be ways around this cost by opting for higher deductibles, but for those living in these zones it's all part of the attraction, apparently.
If moving to any new area of the country, and budget issues are important, wisdom would dictate a person checking with insurance and real estate agents before arrival to see what the requirements will be for holding mortgages. Lending institutions will probably demand on having flood zone insurance if the home is under any kind of flood threat. Knowing what that insurance demand will mean to an overall mortgage payment may help determine immediate future plans for some transients. There are services online that dispute FEMA flood zone boundaries. Some websites claim that 90% of FEMA's claims of existing floodplains are wrong and that they can help the consumer claim back their low risk insurance status. There have been questions regarding whether or not pseudo high risk zones may be paying for repeat homeowner claims in actual high risk flood zone insurance areas.
About eighty to one hundred providers of flood coverage offer services to US homeowners as well of owners of commercial buildings. There are typically about thirty days after the purchase before the policy goes into effect, so a policy purchase could not help two days before an expected flooding takes place. The average flood insurance premium may be about three hundred and seventy dollars a year. A low interest fifty thousand dollar emergency loan will cost three hundred and ten dollars a month for years to come. For those in high risk zones, paying flood insurance is a way of life. For those far away from river and lake, it's a roll of the dice.
In such odd places as Minnesota or North Dakota, the ground is frozen by November and often remains so until late spring. As heavy snows begin to melt there is often nowhere for the water to go except outward, even miles from rivers and streams. In the Southwest where ground is bone dry for months at a time, a sudden torrential downpour occurs and floods come out of nowhere, referred to as flash flooding, and sun dried adobes become water drenched lumps. And while the obvious hurricane coastlines have their need for flood zone insurance, hurricanes have roared across the Caribbean and swept onshore, churning up towards Tennessee and then stalling and stalling. Sometimes for days the torrential rains come, hundreds of miles from those who had battened down the hatches.
The destructive force of floods has been clearly shown by the US government in its scenario of a nine hundred square foot ranch style house in Anywhere, USA. A six inch flood occurring in this house would bring an average of eleven thousand dollars damage to the residence and contents. A nine inch deluge would cause over eighteen thousand dollars in damage, while an eighteen inch water torrent brings with it over twenty-six thousand dollars in damages to the home owner, on average. The television pictures of homeowner sitting on the tops of roofs, obviously never expecting to need flood zone insurance and looking for help, can only bring thoughts to viewers of unimaginable pain and suffering for those living where the waters were not expected to ever come. But forget the Mississippi over reaching its banks, what about that storm drain out in front of your house backing up?
It would have to be very painful for those homeowners who had chosen not to purchase flood zone insurance in low to moderate risk zones to learn that the coverage could have cost fewer than one hundred and twenty dollars a year. Contents and building coverage for a total of two hundred thousand dollar would cost about three hundred and twenty five dollars a year. Living in the second of the three water deluge zones may put someone by a beautiful river or a gorgeous lake but it will cost someone for the same two hundred thousand dollar house about two hundred dollars a month for flood zone insurance. Floods were certainly common in biblical days and Jesus once compared a Christian's life to a life based not on Jesus Christ but on some other belief, goal or philosophy. "And the rain descended and the floods came and the winds blew and beat upon that house; and it fell not: for it was founded upon a rock." (Matthew 7:25)
But you say, I want Florida or Southern California or on that big lake with the dam just down the road. All rightee then. Do you live near a bank, cause there will be a need. The US government estimates that flood zone insurance for coastal and extremely high risk flood zones will cost almost six thousand dollars for that two hundred thousand dollar house and its contents. Yikes! There may be ways around this cost by opting for higher deductibles, but for those living in these zones it's all part of the attraction, apparently.
If moving to any new area of the country, and budget issues are important, wisdom would dictate a person checking with insurance and real estate agents before arrival to see what the requirements will be for holding mortgages. Lending institutions will probably demand on having flood zone insurance if the home is under any kind of flood threat. Knowing what that insurance demand will mean to an overall mortgage payment may help determine immediate future plans for some transients. There are services online that dispute FEMA flood zone boundaries. Some websites claim that 90% of FEMA's claims of existing floodplains are wrong and that they can help the consumer claim back their low risk insurance status. There have been questions regarding whether or not pseudo high risk zones may be paying for repeat homeowner claims in actual high risk flood zone insurance areas.
About eighty to one hundred providers of flood coverage offer services to US homeowners as well of owners of commercial buildings. There are typically about thirty days after the purchase before the policy goes into effect, so a policy purchase could not help two days before an expected flooding takes place. The average flood insurance premium may be about three hundred and seventy dollars a year. A low interest fifty thousand dollar emergency loan will cost three hundred and ten dollars a month for years to come. For those in high risk zones, paying flood insurance is a way of life. For those far away from river and lake, it's a roll of the dice.
Flood Zone Insurance
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