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2824 Manatee Avenue East

Bradenton, Florida 3420

Office: 941.792.2111

Toll Free: 1.800.522.7869

Fax: 941.747.9632

 

 

Flood Insurance

Flood insurance is homeowners' insurance which covers damages caused by flooding, ranging from the need for full replacement of a home to repairs such as replacing flooring and walls. This type of insurance is typically not included in a standard home insurance policy, and must be purchased at additional cost. People who live in flood-prone regions should certainly consider flood insurance, as it will allow them to recover more quickly from floods.

Flooding can cause a great deal of damage. Even if it does not destroy a home, it can fill a home with mud, silt, and other debris, and the moisture from the flooding may lead to rot, mold, mildew, and other problems. Recovery after a flood tends to be very expensive, as many items may need to be rebuilt or replaced, with the residents staying in temporary shelters while their home is made livable again. Flood insurance mitigates these costs, and it is especially valuable for people who do not have very much money, as these individuals could be forced to abandon their homes after a flood because they cannot afford to repair them.

When a flood insurance policy is established, the insurance company examines the home and its location to determine risk. Homes in floodplains, low lands, and regions prone to hurricanes and other severe storms are at increased risk of flooding, as are homes in arroyos and other dry valleys which could experience flash flooding. The cost of flood insurance varies, depending on the location of the home, with many nations being divided into “flood zones” by insurance companies to help them calculate risk.

Some insurance companies will not write flood insurance policies, because flood insurance tends to be prone to a phenomenon known as adverse selection: only people who are at risk of flooding will buy it. As a result, the insurance company does not have a large risk pool to draw on, making claims more expensive for the insurance company. If an insurance company does not offer flood insurance, it may be able to refer homeowners to another insurance company which will, or to a government plan which subsidizes flood insurance.

Some governments require people in flood-prone areas to get flood insurance, especially if they receive government assistance to help them recover after a flood. In the United States, the National Flood Insurance Program provides flood insurance across the country to people who may not be able to obtain it otherwise, and recipients of federal disaster funds after a flood must usually agree to purchase flood insurance as part of the terms of the funds.

Testimonials

My wife and I would like to take this opportunity to recognize Linda Johnston who is with the office at CENTURY 21 All Aces Realty. We had been trying to sell our house in Palmetto for approximately 2 years. Prior to being introduced to Linda, we had used two other real estate agents who were quite ineffective in getting people to look at the house. As soon as we spoke to Linda, we were impresses with her enthusiasm and determination. She immediately gave us ideas on how to list the house to attract prospective buyers. When one idea didn't work, she was innovative and determined to come up with new ideas. Her personality was refreshing and she was always professional. We felt as though we were her only client, although we knew she had others. It was a pleasure working with her and we would recommend her to any seller or buyer. Craig & Felicia Himes
My experience with CENTURY 21 All Aces Realty was remarkable, but my experience with my Agent, Matthew Rotondo was even better. Matt’s willingness to work with my wife and I was truly amazing. Matt took a true interest in our needs and wants as a young couple. Knowing we did not have the money to buy a home that needed lots of work, Matt made sure to find us a home that was move in ready. When it came time to close on our dream home, the house needed a new roof. Matt came through again, he was able to get us our dream home at price we could afford with a new roof. Matt is just a genuine good guy, I don’t know many agents that would actually come over and help you move and work in the yard. Thanks again Matt for helping my family get the house of their dreams. Richard and Lisa Glass
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