Saturday, April 25, 2015

Chesapeake Real Estate: Worried about Floods??

Floods are not to be fooled with

We who live in the coastal areas of Virginia as well of anyone on the West Coast, East Coast or Gulf have to be listening to all the news reports of rising sea levels.  Though these rising levels could be a temporary change due to the cycle of long term weather patterns or due to global warming, rising water levels regardless causes a re-examination of how protected you may be from flooding.

And beyond the coastal areas, recent river flooding from Ohio, to New Jersey to Virginia as well as elsewhere in the States also makes flood insurance a topic of consideration.

It is very true that flood insurance, even under new FEMA guidelines, is not required for high percentage of homes.  One’s mortgage company at the time of purchase is very watchful on a home’s floodability and will require a home owner to have a flood insurance policy.   The bank is watching out for its own interests as well as hoping you will look after your own interests.

Living in Hampton Roads/Tidewater, we aren’t much different than many areas:  A select group of homes are required to pay flood insurance due to a given probability of flooding while the rest of us may never consider it as we don’t have a probability that is so high.

Yet, did you know a Category 3 to 4 Hurricane will flood all the way to Suffolk??? That’s the prediction.  Thus, if you have catastrophic health insurace for the big illness that may come, you should have flood insurance for the same reason:  When the big storm comes.

It is something to think about as you read the attached post from HouseLogic:


Chesapeake Real Estate: Worried about Floods??
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