DO I NEED FLOOD INSURANCE?

Did you know that nearly 20% of flood claims come from low to moderate flood risk properties?  How do you know if your property is a flood risk?

According to the NFIP website “everyone lives in a flood zone- it’s just a question of whether you live in a low, moderate or high risk area.”  Areas prone to having storms, hurricanes, heavy rains, flash floods or located near a levee are all higher risk properties.  FEMA has performed flood studies and created maps setting out the likelihood of flooding in certain areas.

Although these maps are an important indicator and used by insurance companies to assess what type of flood insurance is needed, they are not conclusive.  A heavy rain or storm can cause flooding in areas not considered high risk, resulting in FEMA adjusting the map.  Also, other factors, such as snowmelts, new land development causing increasing runoff, changing weather patterns, and wildfire burn offs can increase flooding risk and alter flood zones.

You can find out the risk factor for your property on the national Flood Insurance Program website at: www.floodsmart.gov and entering your address in the one-step flood risk profile. You can also talk with your homeowner’s insurance agent to see what types of coverage are available to you.

To understand more about flood insurance, mortgages, and real estate in Atlanta, contact Regina Ambrose, 678-613-5636.

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