All the talk about flood insurance, do I need it?

All the talk about flood insurance, do I need it?
Posted by Raymond Smith, May 12, 2014 10:12 AM
Your mortgage may require flood insurance and your homeowner’s policy doesn’t, cover floods. Let’s look at the definition of flood as stated in the flood insurance policy.Flood is a general and temporary condition of partial or complete inundation of two or more acres and/or two or more properties of normally dry land. The properties can be a home and the street.

What is Flood water?
1. An overflow of inland or tidal waters.
2. The unusual and rapid accumulation or runoff of surface waters from any source.
3. Mud flow which is a river of liquid and flowing mud on the surfaces of normally dry land when the earth as when the earth is carried by current of water such as landslides and slope failures.
Most homeowner policies will not cover flood as a listed peril within the policy. If you believe that at any time you may be in a flood situation, you will need to acquire flood insurance. Likewise if you live in a condo you would need to purchase flood insurance for the coverage of your contents.

What is an elevation certificate?

The elevation certificate is used to determine whether post-firm buildings are constructed in compliance with flood plain management guidelines. The base flood elevation is shown on the flood insurance rate map or firm this indicates the predicted water surface elevation in case of average flooding in the area.

Elevation certificates are required for special flood hazard areas which are zones beginning with A and V.
1. All posts firm construction in the above zones.
2. Pre-firm with initial policy effective date on or after July 6, 2012.
3. Non-primary residence
4. Severe repetitive loss properties
5. Business properties
Elevation information may not be available from local community officials, the builder may have information. If all else fails the insured may have to hire a licensed surveyor or engineer to complete the elevation certificate form. An elevation certificate is completed by a surveyor, usually at the time of purchase of the home.

This is just an overview of flood insurance. If you would like further information call us today.

Smith Insurance Agency, Inc.
"Protecting Families in SW FL"

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All the talk about flood insurance, do I need it?

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