Blogging Tulsa Real Estate: Why Do You Need Flood Insurance?

Why Do You Need Flood Insurance?

Flood on Sugar Creek

 

Why Do You Need Flood Insurance?

According to Edward L. Connor, Deputy Administrator, Insurance, for the Federal Insurance and Mitigation Administration, "Floods can bring, mud trash and, if you don't have flood insurance, debt." If your home floods, you will incur debt to recover after a devastating flood.

Many people do not have enough in their savings accounts to pay the costs of recovering from a flood.

According to FEMA, "Over the past five years, the average paid claim for flood damage was $33,790."

 

Your Mortgage Lender May Require You to Get Flood Insurance if Your Home is in the 100-Yar Flood Plain

In order to pay for all the claims, FEMA has conveniently almost tripled the width of the flood plain. 

The result is that if you didn't think you needed flood insurance in years gone by, you will be convinced by your mortgage lender that you need flood insurance now.

So rather than making the choice to get flood insurance, the federal government, along with the insurance industry has made it easy to decide.

Flood insurance may be mandatory when a structure is in the flood plain.

Federal law requires people who own homes with a mortgage through a federally regulated and insured lender to carry flood insurance.

In short, if you have a mortgage loan and are now in a flood plain, you must carry flood insurance or your mortgage note is immediately due and payable. No kidding! Even if you have lived in your home for sixty years and it has never flooded, you may have to carry flood insurance if you have a mortgage.

Your premium payments will help the federal government assist others who actually do get flooded out from time to time or once in a blue moon. By purchasing flood insurance, you are not only protecting the home you love from the remote possibility of being devastated by a few inches of floodwater, but you are helping your neighbors in New York, New Jersey, Iowa, and Louisiana. By purchasing flood insurance, you are being a good citizen as well as protecting your savings account from potential catastrophic losses.

 

You No Longer Have the Choice if You are In a High Risk Area

So even if you live on the edge of a high risk area, where you only have a one in four chance of flooding during the course of a 30-year mortgage, you no longer have the choice. You have to get flood insurance. Admittedly, without flood insurance, recovery costs must come out of your own pocket.

Why save for the eventuality when you can purchase insurance for much more money and never have to worry about managing your own savings. Just wait and see if you experience a flood and wait for FEMA to help you out. That's why you need flood insurance.

Don't you feel so much more secure in knowing that the federal government can better handle your money than you can? Just trust the National Flood Insurance Program. If you don't believe me and want to learn more about flood risk and flood insurance, go to Floodsmart.gov/highrisknow.

To find agents in your area, call 1-888-724-6975. Whatever equine discipline you enjoy, there's a place just right for you and your horse in and around Tulsa, Oklahoma.

This article was originally posted on OklahomaHorseProperties.com.

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If you own a ranch or a horse farm near Tulsa and are interested in moving elsewhere or moving to midtown Tulsa or even hanging up your spurs, please call me. I'd love to position your Tulsa area horse property in both the Tulsa real estate market and in the Grand Lake real estate market.

Call or text Debbie Solano at 918-724-8201.

 

Shortlink: http://oklahomahorseproperties.com/?p=1343

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Copyright© 2013 by Debbie Solano -- ALL RIGHTS RESERVED --  Why Do You Need Flood Insurance?

 

Debbie Solano, CRS, ABR, CDPE, CHMS, e-PRO, GRI, REOS, SRES
Coldwell Banker Select, Realtors -- Land & Ranch Division
4408 S. Harvard Avenue
Tulsa, OK  74135

Office:  918-712-4473

Cell:  918-724-8201

FAX:  918-712-4310

 

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Comment balloon 8 commentsDebbie Solano • April 03 2013 02:04PM

Comments

A great post.  Here in the Houston and Gulf coast region, we are faced with flooding a lot.  So important to be informed.

Posted by Paula McDonald, Magnolia Realty ~ Granbury, TX 936-203-0279 (Magnolia Realty ~ Granbury) over 4 years ago

Thank you, Paula.  In your area you often see flooding.  Did you see an increase in the flood insurance rates this year AND did you see the new flood maps take in more territory around springs and creeks?

 

Posted by Debbie Solano, ALC, CRS -- Land & Country Estates near Tulsa (Coldwell Banker Select, Realtors -- Tulsa, Oklahoma) over 4 years ago
Great stuff you have here Debbie that discusses the importance of having a flood insurance. It is common and true that most people do not have enough in their savings accounts to pay the costs of recovering from a flood. Now the federal government,along with the insurance industry has made it easy to decide. Flood insurance may be mandatory when a structure is in the flood plain. Thank you for sharing and stay the most reliable Tulsa OK Real Estate Specialist.
Posted by Nestor & Katerina Gasset, Realtors, Wellington Florida Homes For Sale (International Properties and Investments LLC) over 4 years ago
Well written article Debbie that provides information on the value of having a flood insurance. It is very important for a homeowner to know if their property is part of 100-Yar Flood Plain. Thank you for a good post.
Posted by Petra Norris, Realtor, Lakeland FL Homes for Sale (CDV TransAtlantic, Inc.) about 4 years ago
Thank you for sharing the link Floodsmart.gov/highrisknow for homeowners to know if they are part of the 100-Yar Flood Plain. This will surely come in handy as a guide in the future. All the best.
Posted by Melissa Muse Wiggans, CRS, GRI, ABR - Real Estate Muses (Real Estate Muses) about 4 years ago
Informative post Debbie that provides reason why an owner needs a Flood Insurance specially if they are part of the high risk area for flood. This is now mandated by the law and should be followed with importance by homeowners.
Posted by Erika Rogers, St George Utah Real Estate & local info. (Red Rock Real Estate) about 4 years ago
Thumbs up Debbie for a very informative blog. Thank you for sharing and stay the best Tulsa, OK Real Estate Specialist.
Posted by Waynette Hoover Araj, Connecting your Dreams with the Right Real Estate (Keller Williams Realty) about 4 years ago
Well written post Debbie that emphasizes the importance of having a flood insurance and getting the right information about it. Every homeowner must be aware if their property is part of the 100-Yard Flood Plain. Well done for featuring this article and keep it up.
Posted by Pat and Ed Okenica, Lake Oconee Ga Real Estate (RE/MAX Agents Realty Lake Oconee Ga) about 4 years ago

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