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 […]
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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 […]