This spring's floods in the Midwest, against the backdrop of Hurricane Sandy's six-month anniversary, underline why a purchasing a national flood insurance policy can be so crucial regardless of where you live.
A lot of homeowners apparently don't realize they need flood insurance. Consumer Reports' recent survey of Hurricane Sandy victims shows that 30 percent of homeowners affected by Sandy needed flood insurance and didn't have it. Another survey, by the financial data publisher Bankrate.com showed that only about half of Americans even know whether their home is in a high-, moderate- or low-risk flood area.
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1 comment:
FEMA website is a POS! I own several waterfront properties in MD, PA and FL. Go to website and enter information = no map available. What do you expect from the government. BTW, I only have flood ins on one of these properties because it is required due to having a mortgage. The other homes are free and clear I will never pay FEMA for flood insurance on them. Insurance is a suckers game. Banks and insurance companies are in bed together....if you borrow money then you are must pay the insurance company. Better off with out it. Take 5 properties at $1700/yr. flood ins times 10 years = $85K. It is better to bank the money and rebuild if and only if the you get flooded. Every time there is a hurricane, they say it's the big one....run for the hills...Go ahead and pay the premiums and try and collect..Good luck. Ask the people in NJ!
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