Understanding Flood Insurance In Florida

Posted by on Dec 31, 2014 in Blog - Commercial Investment Properties | 0 comments

The definition of the flood is raising water that encompasses two pieces of property or two acres whichever is last. In that definition it doesn’t say that the properties have to be adjacent to one another.Therefore, provided that flooding occurs on any two properties during the same storm, it falls under the definition of a flood for the purposes of flood insurance.

If you leave your windows open and it rains that’s not a flood. If your pool over flows and water comes in to your house that’s not a flood.

Florida  comprises property that is surrounded by water and there are many low lying areas and coastal areas prone to flooding.

Chris Coleman of the Coleman Insurance agency discusses the flood Issue and flood insurance.

In 2012 the Biggart Waters Act was passed causing flood insurance rates to skyrocket. The Federal government as of 2012 was about 24 billion dollars in debt on their flood insurance claims  and needed to stop the bleeding . With this act they to stopped subsidizing the flood insurance

The Biggart Waters act was appealed and a study is underway which should last 3-4 years. Once the study is complete, the rates will be adjusted upwards. During this period, flood insurance rates decreased but this is only temporary. It is important that property owners are aware of this
Chris discusses steps that property owners can take to try and reduce the costs of flood insurance. Catch the interview on the Invest Florida Show , a real estate podcast with hosts Eric Odum and Steven Silverman. Paste the following link to your browser:   http://www.stitcher.com/podcast/invest-florida-2/invest-florida/e/some-quick-facts-about-flood-insurance-law-changes-36425080
Understanding Flood insurance in the State of Florida

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