Posted: Fri Oct 17, 2008 6:04 am Post subject: Flood insurance for even a small creek
Hi,
If I shift in to a new place that bears a creek in its vicinity, do I need to consider applying for Flood insurance? I don't think a small creek like this one would remain here for long!
MaryJPkway _________________ Register Now to have your Insurance queries solved.
Obtaining flood insurance becomes almost mandatory when you are living in a flood plain, but according to the Federal emergency Management Agency (FEMA) 25% of the flood claims are filed by people living in the no-flood zone and are at the nil or moderate risk of experiencing losses by flood water. Hence, you may still want to give a thought to flood insurance even if the creek may dry up in the summer.
Hi, it may all depend upon whether or not you consider yourself at the risk of flood. FEMA maintains a map that shows the areas that fall in the flood zone. Consulting the flood zone map may help you in deciding for the flood insurance.
Remember that flood normally isn't a covered peril under the standard homeowners policies. Hence, if you experience flood damages but don't have the flood coverage you may not receive compensation from your home insurance provider.
However, if you're at the minimum risk of experiencing flood damages you may not need to purchase flood coverage.
Hey, if you have taken out a Federally backed mortgage, the lender may then insist you to maintain flood insurance.
People leaving in a low land may also experience flood damages due to heavy rainfall. IMO it'd be wise to maintain flood coverage even if you are not residing in the flood prone areas.
Hi,
Home insurance carriers would not endorse flood insurance benefits. It is always better to buy flood insurance from NFIP backed insurance carriers. But, yeah you may come across some carriers who are offering both flood insurance as well as home insurance under separate policies.
Purpleheaded08 _________________ Register Now to have your Insurance queries solved.
I've seen little bitty creeks flood entire city's if I lived close to a creek you can bet your bottom dollar I'd have flood ins... _________________ **************************************
Life gaurantees a chance NOT a fair shake
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Yep. I live near PLENTY of small creeks. see them flood ALL the time. Proetect yourself and get the flood insurance...better than kicking yourself in the pants later.
Everyone here so far is correct. Some mortgage companies require a flood policy - but you will need to get a certificate of elevation to determine what flood zone you are in.
Keep in mind, the lower the risk of flood (flood zone), the lower the cost of that insurance. _________________ Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. - Ferris Bueller
Thats good. It seems fair also. That site is pretty cool. They really got things figured out. I was impressed with how the got the percentage for flooding over a 30 year mortgage time. Wonder how the heck they come up with accurate figures?
Wellllllll.......sometimes it isn't strictly up to the homeowner:
LAKE DELTON, Wis. -- Those property owners who had their homes swept away or destroyed as Lake Delton flooded its banks won't be covered by national flood insurance because the Village of Lake Delton had suspended its participation in the National Flood Insurance Program.
The director of the Wisconsin Department of Natural Resources' Bureau of Water Management said that the village had been a participating member in the NFIP since 1975, but failed to formally adopt a new floodplain the Federal Emergency Management Agency map in 2001. So the village had its eligibility canceled.
So far, village officials have pointed to a lack of flooding problems in the past as reasons for why the village wasn't signed up for the FEMA flood insurance program.
The program is voluntary and any community can participate and sign up at any time. If a new map comes out, local officials have to formally adopt that new map within six months. However, Lake Delton officials didn't, WISC-TV reported.
The participation issue has enormous consequences for the property owners directly impacted by the catastrophic flooding that occurred at Lake Delton on Monday.
Five homes on the lake were lost or destroyed when the lake burst an earthen embankment and sent parts of homes and assorted debris careening down the nearby Wisconsin River after a new channel was carved through County Highway A, which divides the lake from the river.
Some of the owners of the destroyed homes said that they tried earlier to get flood insurance, but didn't qualify because their village wasn't a participating member of the NFIP.
DNR floodplain management officials said that they have checked with FEMA officials and they have confirmed that the property owners who lost their homes Monday would have qualified for national flood insurance.
_________________ Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. - Ferris Bueller
Alot of areas HAVE TO HAVE flood insurance or the mortgage won't go thru...neat site though LIS, good to know I'm in the lowest risk...and about a mile from the Mighty MO _________________ **************************************
Life gaurantees a chance NOT a fair shake
**************************************
FIND a way EVERY day to lighten the load of another
**************************************
