When it comes to Florida real estate, a question that often comes up, whether my clients are buying on Sanibel Island or Sarasota. And that question is whether they need flood insurance. It’s also followed closely by how much coverage they might need.
Of course, these questions make perfect sense given the state that we live in. After all, we’re surrounded on 3 sides by water, and in areas like Cape Coral, there’s miles upon miles of water access, often right in your own backyard.
So, as your source for everything related to Florida real estate, I’ve put together a quick rundown regarding flood insurance. This includes my biggest tips and perspective on those 2 important questions you may be asking when it comes to buying property in our area.
Do your homework
You might be tempted to think a severe flood is a once in a lifetime event. You might even be looking at an area that doesn’t require flood insurance at all. But even if that is the case for the area you’re considering, I have a piece of advice that I give to every client. Thoroughly do your homework into your area, so that you can have complete peace of mind. You’ll want t to know if your property requires flood insurance or not, but beyond that fact, you can get a good lay of the land for your future area.
Understanding your flood zone map
On that note, you’ll also want to research your area’s flood zone map. Every area in Florida has one, and they can give you a good perspective on what your area may look like in a severe weather event. For example, if you’re on a peninsula in Florida, you’ll discover that while you aren’t in an immediate evacuation zone, flooding may cut off access to the mainland for a period of time.
Should I get optional flood insurance?
This is an excellent question! I always recommend, even if you discover that flood insurance is optional, to consider it for your property. This is because, after all is said and done, even if you’ve done your homework and understand the zones… that doesn’t mean you won’t be affected. Now, it’s unlikely, but much of the research is based on historic conditions and isn’t necessarily reflective of what could happen in an extreme event. For this very reason, I recommend getting optional flood insurance if you can afford it. This way, even if the worst were to happen, you’re prepared.
Flood insurance premiums going up
And finally, as of April 2018, flood insurance premiums in Florida are going up. How much will depend on your area, and you might only see a minor increase. However, in some areas, the increase may be as much as 25%. With that in mind, I recommend taking a quick look at your current policy if you’re an existing homeowner in Southwest Florida.
As your resource for everything Florida and real estate related, feel free to send me an email if you have any questions!
Terry Records
Broker/Owner
Records Results Real Estate
Residential Sales and Property Management Service