Flooding affected our town last week in so many ways. People lost their personal belongings, cars and had damages to their homes. Water is a disaster that can have a long-term effect on your property if not properly remediated. There are companies that will assist with clean-up, mold prevention and future waterproofing.
Flooding. No one wants to talk about it or experience it firsthand. As a homeowner or potential buyer, you need to do research about the property to determine if it is in a flood plain. If a property is in a flood zone, this can mean higher insurance premiums and required flood insurance. You can check to see if you are in a flood zone by checking with fema.gov.
The National Flood Insurance Program (NFIP) provides flood insurance to property owners, renters and businesses, and having this coverage helps them recover faster when floodwaters recede. The NFIP, run by FEMA, also encourages communities to adopt and enforce floodplain management regulations that help mitigate the effects of flooding. Flood insurance is a type of property insurance that covers a dwelling for losses sustained by water damage specifically due to flooding caused by heavy or prolonged rain, melting snow, coastal storm surges, blocked storm drainage systems, or levee dam failure. In many places, a flood is considered a major event, and the damage or destruction it causes are uncovered if you do not get supplemental insurance. The NFIP continues to be the primary source of asset protection against flooding, the most common and costly natural disaster in the United States.
If you have experienced a flood, whether a few inches or several feet you know that lives can be destroyed by this disaster. Over the last several years, our great state has experienced some devasting floods. How do you prepare? Can you prepare? If you are in a low-lying area, the most extensive preparations may not be enough. Make sure you are adequately covered with flood protection.
I personally have experienced flooding in my life. Although it was only a few feet in my basement, it was horrible. We were not in a flood zone, and it was a freak storm. Fortunately, FEMA came into our area and assisted with grants to help those in need. Be prepared. Store important documents in a safe area. Check with your insurance company to see if you need flood insurance. Unlike the homeowners’ policy, deductibles on flood losses are applied separately. If the dwelling and contents are damaged, the homeowner pays two separate deductibles. In the homeowners’ policy, one deductible applies to the entire loss.
To end on a positive note, our market is hot! Contact your local REALTOR® today if you are ready to buy or sell. They need inventory, the buyers are looking, and rates are still low. I want to wish all the dad’s out there a Happy Father’s Day and Remember to do good things!
Stephanie Lemley, 2021 MBOR President