Get Flood Insurance Now for the 2008 Hurricane Season
Posted by Benjamin Dona on Saturday, May 3rd, 2008 at 2:48pm.
Now is the time to be sure and recommend flood insurance to your new home buyers in Florida. It takes 30 days for a new policy to become effective, and signing up early is important in order to make sure their coverage is in effect for the start of Florida's hurricane season on June 1st. Another thing to remember is that certain exemptions also exist to the 30 day waiting period. A policy is immediately effective if a lender requires it in connection with a new loan or loan change; if additional insurance is required because of a map change; if a lender suddenly decides that a property does indeed require flood insurance; and if a higher level of coverage is added when a policy is renewed.
For more information on flood insurance rules, go to the: How to Purchase Flood Insurance page at FloodSmart.gov. Flood insurance helps protect against the devastating effects of all types of rising dirty water flooding. However, there is typically a 30-day wait period before a policy takes full effect. Most homeowner's insurance policies do not cover damage caused by rising flood waters.
So, make sure you remind your purchasers to inquire about getting the coverage. Last hurricane season alone, two storms caused a total of more than $75 million in flood damage. Unfortunately, many home owners across the country still lack protection from flood damage, causing them to absorb financial losses on their own or seek limited funding from other sources to rebuild or repair in the wake of a storm.
Natural disasters like hurricanes are unpredictable and the largest amounts of rainfall are often produced by slow moving storms that stall out miles from a shoreline. As these storms move inland, high winds and torrential rains increase the likelihood of flooding. Flood insurance is available through nearly 90 insurance companies in more than 20,400 participating communities nationwide. Everyone can purchase flood insurance - "renters, business owners and homeowners." Flood insurance is also affordable. The average flood insurance policy is around $500 a year. And, in low-to-moderate-risk areas, homeowners can protect their properties with low-cost Preferred Risk Policies (PRPs) that start at less than $120 a year. It is also a good time of the year to remind everyone to review their storm preparation plans. For more information please visit our Hurricane Preparedness planning page.
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