Private Mortgage Insurance, or PMI as it is commonly referred to, in simple terms, is an insurance policy that is added to your monthly mortgage payment which protects and pays out to your
What Does Flood Insurance Cover?
Flood insurance is an optional insurance coverage that can help protect your home against the damage caused by flooding. A common misconception is that it's only needed in areas highly prone to flooding. However, flooding is caused by a variety of reasons including poor drainage systems, rapid accumulation of rainfall, and construction run-off.
Flood insurance rates are established by the federal government. As a result, all companies will use these same rates to determine your cost for flood insurance coverage. Quotes given for flood insurance are based on a customer’s geographic location and the flood risks associated with that area.
What do government regulations define as a flood?
A flood is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow.
What about a flood zone?
According to FEMA and the National Flood Insurance Program, any building located in an A or V zone is considered to be in a Special Flood Hazard Area, and is lower than the Base Flood Elevation. V zones are the most hazardous of the Special Flood Hazard Areas.
In order for us to do a flood insurance quote outside the B, C, & X zones, we will need a copy of the FLOOD ELEVATION CERTIFICATE which is done by a surveyor.
I've always had an eye for real estate at a young age. A daughter to a Custom Home Builder and REALTOR, I've been a part of the industry for over 30 years. I have a heart to service others with a com....