Everything You Need to Know Before You Buy or Renew a Policy When buying a lakefront home, flood insurance often becomes part of the conversation—sometimes required, sometimes optional, but always worth understanding. Even if your dream home offers serene water views and peaceful surroundings, it’s essential to understand the risks that come with living near […]
Owning a lakefront home is a dream come true for many. The views, the recreational opportunities, and the lifestyle appeal make lakefront properties highly desirable. However, these homes also come with unique responsibilities and considerations, one of the most important being flood insurance. Flood protection can seem complicated, especially for first-time lakefront homeowners, but understanding […]
About 15% of all lakefront properties will require flood insurance by the lender. This means that they have determined (through FEMA Flood Insurance Rate Maps) that the property sits in a flood zone. Flood insurance is not cheap and can cost anywhere from $500 per year to $5,000 per year. Here’s some facts about flood […]
To understand what flood insurance covers, you need to know three things first: 1. Standard homeowners insurance doesn’t cover flood damage at all. It’ll cover some damage from rain, but if your home is filled with water as a result of rising bodies of lakes, rivers, streams, and oceans, it won’t cover you. 2. The most common […]
Your mortgage lender may require you to purchase flood insurance in connection with your purchase of a lakefront property. The National Flood Insurance Program provides for the availability of flood insurance but also establishes flood insurance policy premiums based on the risk of flooding in the area where properties are located. Due to recent amendments […]
FEMA has released information on providing refunds to property owners who overpaid for flood insurance. The Homeowner Flood Insurance Affordability Act requires FEMA to restore Pre-Flood Insurance Rate Map (FIRM) subsidized rates and issue refunds of excess premiums collected for: pre-FIRM properties not insured when the Biggert-Waters Flood Insurance Act of 2012 was enacted; pre-FIRM […]
Flood insurance is a hot topic right now. Maybe you are trying to buy a waterfront home or trying to sell or refinace your current one. Either way…facts, options and choices can be very confusing. There are several things you should know before talking to your insurance agent that can help determine the right flood […]
If you are a lakefront Buyer, flood insurance can cost anywhere from $1,000 to $3,500 per year! Make sure you understand if the property you’re looking at is considered “inside” a flood zone. If you are a lakefront Seller, you may not be paying flood insurance now. But then you try to refinance and your […]
In order to secure financing to buy, build, or improve structures located in Special Flood Hazard Areas (SFHA’s) you MAY be required to purchase flood insurance for your new lakefront home.
How To Protect Yourself, Your Investment and Your Lake Home. Flood risk is often a confusing topic with rampant myths and misunderstandings. Read on to learn 6 key things about flood risk that will help you understand how to protect yourself, your investment and your lake home. By MyFloodStatus.com. 2) How flood risk is dictated […]