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Jackie Colson-Miller

Jackie Colson-Miller, CIPS
Certified International Property Specialist
NAR Liaison to Austria
Tampa Real Estate
Direct - (813)629-5757
Homeward Real Estate
3401 Henderson Blvd
Tampa, FL 33609
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Do You Need Flood Insurance in The Tampa Real Estate Market?

The Latest News on Moving to Tampa, Living in Tampa, or Buying Real Estate anywhere in the World…every day on The Real Estate Sizzle…

We are in Hurricane Season in Florida. Though Tampa has not been hit by a MAJOR storm in many years, we still need to prepare when a storm heads into the Gulf of Mexico.

One of the first questions every Homebuyer asks me, when they are moving to Tampa, is Do I Need Flood Insurance? The answer: YES. While a mortgage company may Bayshore_floodonly REQUIRE a homeowner to carry flood insurance in certain flood zones, , here are some facts every homeowner should know. Just a glimpse of flooded Bayshore Boulevard, where my office is located, tells the story

1.One in Four flood claims, are in a low -moderate risk zone! Chances are good that nearly 25% of those homeowners did not have flood insurance because it was not REQUIRED by their lenders.

2. A car can be swept away by just 2 feet of water!

3. Flash floods occur in all 50 states! Look at the tragedy of the flooding in Iowa and other midwestern states recently. Many of them had no insurance because the risk of flooding was very low.

4. Homeowners Insurance generally will not cover rising water . That coverage requires a separate flood insurance policy.

5. You must add contents coverage to a flood insurance policy, if you want your belongings to be covered.

6. Premiums in low-risk areas are very reasonable, but damage from a flood is costlydo you want to take that chance?

7. It takes 30 days for insurance to take effect, so do not wait until a storm is coming to call your insurance agent.

For more infomation on Flood Insurance, visit FloodSmart.gov.

If you enjoyed this article, you may want to read my series on Hurricane Preparedness:

Part 1

Part 2

Part 3

If you are buying a condominium, most of your insurance on the building is generally covered under your Monthly Maintenance Fees.

For information on the Tampa Real Estate Market, or any neighborhood in Tampa, please call me at 813.629.5757 or send me an email!

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This entry was posted on Monday, June 30th, 2008 at 2:43 pm and is filed under Flood Insurance, Flood Zones in Tampa, Historic Tampa, Hurricane Preparedness, Moving to Tampa, Real Estate News, Tampa Real Estate, Tampa Real Estate Agent, Tampa Real Estate Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Do You Need Flood Insurance in The Tampa Real Estate Market?”

  1. Sam Chapman says:
    July 2, 2008 at 5:05 pm

    Does it cost much to add flood insurance? I have had several people from Florida call me about moving to Austin for several reasons and one was the high cost of homeowner’s insurance after that major hurricane season a few years ago.

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