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Flood insurance can be expensive and have major coverage limitations when disasters strike. But as climate change increases the frequency of extreme weather, it’s becoming essential coverage even for those who don’t live in traditional high-risk areas. Recent disasters like Hurricane Helene, which severely flooded inland, mountainous parts of North Carolina, and catastrophic rainfall in central Vermont underscore the risks of flooding in areas far from the coasts. Last weekend, record-setting rain in Roswell, N.M., brought flash flooding that killed two people. In the last 20 years, nearly every county in the US has experienced some degree of flooding, according to the Federal Emergency Management Agency, better known as FEMA. Conventional homeowners insurance offers little to no flood protection, and nationwide just 4% of households carry flood insurance. That gap in insurance coverage can leave homeowners with catastrophic bills following an unexpected disaster. “A lot of people think that flood is a covered peril, be it within their homeowner’s policy or their renter’s policy,” said Mark Niess wright flood, vice president of private flood at insurer Wright Flood - Nation's Largest Flood Insurance Company. “There is coverage for water, but there’s not necessarily coverage for flood.” More: https://lnkd.in/gmFAbRG2 #yahoofinance #finance #insurance #realty #realestate #climatechange #homeowners #markets #wallstreet #business #money

Over the past year, I have given multiple presentations on #riskmanagement, where I have often said, "you may not believe in #climatechange, but your #insurance company does." To help illustrate this sentiment, I think this recent article in WIRED should do the trick. Specifically, the article states "Across the country, homeowners are grappling with skyrocketing insurance rates and dropped policies, with those in states such as #California, #Florida, and #Louisiana hit hardest. Growing evidence suggests the soaring costs only hint at the widespread unpriced #risk facing homeowners as the warming climate leads to rising seas and more damaging #hurricanes and #wildfires." With respects to flood insurance, "in 12 states, flood insurance premiums have doubled, although no part of the country has been untouched, with rates in Florida jumping by 231 percent, #Kentucky by 207 percent, Louisiana by 234 percent, #SouthDakota by 207 percent, and #WestVirginia by 272 percent." Since the data suggests that the frequency and severity of named storms will only continue to increase, home buyers need to give serious consideration of the cost to not only insure a property now but also what it may look 10 to 20 years in the future. As such, buyers need to think twice if they want to expose their wealth to these increasing perils.

So often it is that "one thing we didn't think of" that becomes the downfall. This is exactly why I help some of my clients considering a purchase or sale to compile private lists of "What could go wrong" along with the more obvious "What could go right!" one. Of course, not having flood insurance in locations far enough away from bodies of water is not an obvious item for such a list. At least not until now. The below linked story should get you thinking, but not only about adding this possibility to your list(s). Not having flood insurance might result in some current owners and landlords needing a JV partner in order to continue or possibly selling. There will likely be opportunities very soon. To help and not take advantage of people, that is. You won't know unless you have the up-to-the-minute research. https://lnkd.in/gzuKTRPY #disaster #flooding #FloodInsurance #NorthCarolina #Georgia #Asheville #mountains #Florida #insurance #RealEstate

. Recovering from flood damage can be financially devastating. Repairing structural damage, replacing belongings, and covering additional living expenses can quickly add up. With flood insurance, homeowners may be shouldering these expenses, which can significantly strain their finances and potentially lead to long-term financial hardship. . Flood insurance provides a crucial safety net by covering these recovery costs. It helps homeowners rebuild their lives after a flood event without facing overwhelming financial burdens. . Flood insurance offers comprehensive financial protection from repairing structural damage to replacing damaged belongings and even covering temporary housing costs while the home is uninhabitable. . Additionally, flood insurance policies can be tailored to meet individual needs, allowing homeowners to select coverage limits that align with the value of their property and possessions. . By investing in flood insurance, homeowners in Florida can secure their financial future and ensure they have the resources needed to recover swiftly and effectively from flood-related damages. It offers financial security and stability, allowing homeowners to focus on rebuilding and restoring their homes and lives confidently. . Please reach out to our office for a complimentary phone consultation on any insurance-related questions. . >>> Hablamos Espa?ol <<< . https://lnkd.in/d8i7vf2B . [407] 243-9700 Office Hours, Monday through Friday; 9 a.m. – 5 p.m. 2319 South Goldenrod Rd. Orlando, FL 32822 . ?#StormSurgeProtection #FloodInsuranceFlorida #BePrepared #ProtectYourSanctuary #allinsurancedepot #InsuranceSavings #CoverageMatters #InsureYourRide #InsuranceDeals #FullCoverage #LiabilityInsurance #ComprehensiveCoverage #StormSurgeProtection #FloodInsuranceFlorida #BePrepared #ProtectYourSanctuary #FlatTerrainFlooding #FloodSafety #FloridaLife #BeFloodSmart #FloodInsurance #HomeProtection #InsuranceGaps #BePrepared

With the recent devastation from Hurricanes #Helene and #Milton, many homeowners in the Southeast are considering flood insurance for the first time. Even properties not directly on the coast have faced severe damage, showing that any area can be at risk. Here's what you need to know: ?? Flood insurance typically isn’t covered under standard home or renters policies. ?? In most cases, flood insurance takes effect 30 days after purchase. ?? Prices vary by location, but NFIP policies average around $1,000/year. ?? Don’t wait for the next storm to consider your options. Stay protected and informed. Learn more about what to expect when shopping for flood insurance. Read the full article: https://hubs.la/Q02Tx9sS0 Visit FloodSmart: https://hubs.la/Q02Tx27D0

YOUR REGULAR HOMEOWNER'S POLICY DOES NOT COVER FLOODING! ?? The aftermath of Hurricane Ian serves as a sobering reminder of the importance of flood insurance. Countless families in its path faced devastating losses, both emotionally and financially. Here's three reasons why flood insurance matters now more than ever: 1?? Protect Your Home: Florida's unique geography makes it susceptible to flooding, whether from heavy rains, storm surges, or even hurricanes. Flood insurance provides financial protection to repair or rebuild your home in case of flood damage. 2?? Peace of Mind: With flood insurance, you can rest easy knowing that you're covered, regardless of how severe the flooding might be. It's a safety net for your most significant investment - your home. 3?? Affordable Protection: Contrary to popular belief, flood insurance can be surprisingly affordable, especially when compared to the costs of repairing flood damage out of pocket. It's a small price to pay for significant peace of mind. #Insurance #InsuranceClaims #PropertyDamage #HurricaneSeason #HurricaneIan #Hurricanes #Flood #FloodDamage #PropertyManagement #Homeownership #RealEstate #PublicAdjuster #publicAdjusting #FAPIA #NAPIA #Florida For helpful resources to find flood coverage, look here: https://lnkd.in/gqs9wu_q

Nature is amazing! This weekend, we took full advantage of the first ever opportunity of seeing the Northern Lights from our own backyard. It. was. incredible. I'm hoping I'll have more chances to do so going forward. On the other end of the spectrum, it seems every day we're hearing more and more about the destruction caused by weather-related events - winter coastal storms, flooding from heavy rains, tornados, wildfires, and expected increased hurricane activity. Regardless of the reasons, damage to land, residences, and businesses reported cost insurers over $300 billion dollars in claims over the past 3 years alone, and the yearly toll is increasing. Last fall, the Washington Post ran a story on home insurers cutting natural disasters from policies and pulling coverage from some areas altogether. Today, it was reported that Flood insurance rates will change for coastal Maine. #climaterisk IS #creditrisk. For suggestions on how to get started building this into your portfolio risk management plans, check out my post on this topic last week. https://lnkd.in/emwYsQqF

California has been hit by multiple storms over the winter period. Many of these events have broken previous records for rain, flooding, and damage. However, the truly heartbreaking aspect of this turn of events may be that homeowners who have suffered damages due to flooding may not be able to seek recourse to insurance to recoup their losses. Due to California’s propensity for drought, the vast majority of homeowners traditionally seek cover for wildfires and such events. They don’t specifically approach the National Flood Insurance Program for flood insurance. And of course, most homeowner’s policies do not have any provisions addressing flood damage. By some estimates, less than 1% of the households in the areas hit by these storms have this protection against flood damage. Sadly, the rest will have to pick up all or most of a pretty hefty tab themselves. If anything, the lesson here is that weather events are turning. We are seeing more weather events, of different types, and with greater severity than before. It would be a good idea to prepare an insurance portfolio that makes allowances for that. #WeatherInsurance #FloodInsurance #California #HomeownersInsurance

The Truth about Flood Insurance. Did you know that more than three-fourths of properties flooded by Hurricane Debby were outside a designated flood hazard area. The truth is 70% of homeowners were likely to be uninsured thinking they are not in a high-risk flood zone. Allow me to provide you with a customized personal insurance program to minimize and or avoid any out-of-pocket expenses should you suffer a loss.

June is just around the corner, bringing the beginning of hurricane season and an elevated risk of wildfires and tornados. This year, however, homeowners in the path of natural disasters face an additional risk: unexpected insurance costs or the inability to access standard home insurance plans altogether. As the The New York Times reported last week, home insurers lost money in an unprecedented 18 states in 2023, a big jump from 12 “loss” states in 2018 and eight in 2013. As a result, some major insurers are raising premiums by 50% or more, cutting back on coverage, or closing up shop entirely in several states. The Terwilliger Center conducted a thorough state-by-state analysis of America’s housing stock, revealing which states bear the greatest burden of housing vulnerability to flooding and wildfire. Explore more on the Bipartisan Policy Center website: https://lnkd.in/eBdgfsAQ??