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 […]
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Will My Dream Lakefront Home Require Flood Insurance?
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 […]
What Does Flood Insurance Cover?
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 […]