Flood Insurance is something we recommend purchasing even if you are not “required” to purchase flood insurance by your lender. Flood Insurance in a “low” risk zone can be very inexpensive and can make sure all of your assets are properly protected. Here are a few informational bits regarding flood insurance from FEMA:
Floods are the nation’s most common and costly natural disaster and cause millions of dollars in damage every year.
Floods can happen anywhere–More than 20 percent of flood claims come from properties outside the high risk flood zone. More than 70 percent of the flood claims from Hurricane Harvey in Texas came from properties outside the high risk flood zone.
Homeowners and renters insurance does not typically cover flood damage.
A Flood can be unusual and rapid accumulation runoff of surface waters from ANY source.
The damage from just one inch of water can cost more than $20,0000.
If you are in a “low risk” flood zone an Elevation Certificate is NOT required to purchase flood insurance.