“We live where you vacation.”

Florida is surrounded by water. It’s not a secret that flood insurance is extremely important; “floods are the nation’s most common and costly disaster and cause millions of dollars in damage every year” (https://www.fema.gov/national-flood-insurance-program/How-Buy-Flood-Insurance). We know that you know flood insurance is necessary, but what exactly are the rules and regulations about it?

Here are four facts you need to know about flood insurance:

  1. Homeowners and renter’s insurance do not typically cover flood damage.
  2. Floods can happen anywhere - more than 20 percent of flood claims come from properties outside the high-risk flood zone.
  3. Flood insurance can pay [for damages] regardless of whether or not there is a Presidential Disaster Declaration
  4. Congress has mandated federally regulated or insurance lenders to require flood insurance on mortgaged properties that are in areas at high risk of flooding. But even if your property is not in a high-risk flood area, your mortgage lender may still require you to have flood insurance.

It is most common to have a 30-day waiting period for policies to go into effect. You are unable to purchase flood insurance in the event there is a serious storm or flood threat approaching. Take pictures of your entire home in the event there is a flood to help prove your belongings and their value to the insurance companies.

About Eagan Luxury Real Estate

Debi Eagan is a licensed Realtor with Eagan Luxury at Keller Williams Realty St. Pete. The Eagan Luxury Real Estate team is active in the community and are local experts in luxury waterfront homes and condominiums. The team are experts in: negotiation, marketing, staging, statistical analysis and financing that provide buyers and sellers a unique perspective and vantage point in the local market.  This expertise also allows Eagan Luxury Real Estate to tailor its services to each client’s individual needs and to provide the concierge level customer service that translates into proven sales results.

The team of Eagan Luxury has consistently ranked as a leader in South Pinellas real estate and specializes in luxury properties from downtown Saint Petersburg to the highly desirable corridor along the Pinellas Bayway, Tierra Verde and St. Pete Beach.  The properties we specialize in are very diverse and offer a variety of eclectic choices and styles.

If you are interested in discovering how much your home is worth, or information on other homes in the area, call Debi Eagan at 727-637-1019 for a free consultation.