Do I need flood insurance?

LCRA recommends that you buy separate flood insurance if you live in any floodplain elevation up to the 500-year floodplain. Remember, being flooded once doesn't lower your chances of being flooded from year to year. If your property floods one year, it's just as likely to happen again the next year. I need information about proposed changes to the Lake Travis floodplain. The Federal Emergency Management Agency (FEMA) has adopted as the new Lake Travis floodplain elevation 722 feet above mean sea level (msl), 6 feet above the previous elevation of 716 feet msl. The 722 elevation went into effect on Sept. 26, 2008. If you need more information, check with the floodplain administrator for Travis County or your local community, as listed on the Texas Colorado River Floodplain Coalition (TCRFC) Web site. You can also check the TCRFC Web site for updates. LCRA does not set or revise floodplains. FEMA is working with local communities to review and revise floodplains throughout the lower ...  more

Flood insurance is required for properties located in federally designated flood areas as determined by FEMA (Federal Emergency Management Administration). When you apply for a Mortgage or Home Equity Loan with PFFCU, a flood determination certificate is purchased to determine if you are in a flood plain. It is important to note that normal homeowners insurance does not cover flood losses.  more

Flood insurance is mandatory for homeowner's living in areas that are located in Special Flood Hazard Areas (Also known as SFHA). High risk areas are those areas located along the coast, or near a river or lake as well as very low lying ground – at or below sea level.

If your home is located in a Special Flood Hazard Area, you are required by law to maintain flood insurance coverage equal to whichever is greater: your remaining loan balance, or 80% of the replacement value of your property improvements (but not to exceed the full replacement value of the improvements).  more

A. All mortgagees require Flood Insurance for specific flood zone locations, for everyone else it is optional. We can advise you of your flood zone within minutes.  more

Many properties are located in a flood zone. If you are getting a mortgage and your property is in a flood zone, you must have flood insurance. Through the survey company, we will provide your insurance agent an elevation certificate which is necessary to determine your flood insurance premium.  more

You may need flood insurance if you are located in a flood-prone area. Nine out of every ten disasters in California involves flooding. In the life of a 30-year mortgage, a home located in a special flood hazard area has a 1% chance of being destroyed by fire, but a 26% chance of being destroyed by a flood. That is, such a home is 26 times as likely to be destroyed by flooding than by fire. In 1979, Santa Barbara County became a participating community in the National Flood Insurance Program (NFIP) and federal flood insurance became available to residents of the county. Without federal flood insurance, recovery from flood damage to your home is usually unavailable due to the increased risk to private insurance companies. As a condition of NFIP, the Santa Barbara County Flood Control and Water Conservation District adopted Floodplain Management Ordinances that meet, and in some instances exceed, the Federal requirements for development in flood-prone areas. Federal law requires ...  more

As we have stated earlier, flooding can occur anywhere, anytime. Even if you are not required to have flood insurance, serious consideration should be given to purchasing it anyway. Homeowners insurance may cover fire and wind damage, but virtually never covers damage from flooding...nature's most common natural disaster. Damages associated with floods can easily total $25,000 or more... sometimes much more. Because Palm Beach County participates in the National Flood Insurance Program, all county residents qualify to apply for NFIP flood insurance. Without flood insurance, losses must be covered out of pocket. Some limited relief might be obtainable through government aid. But, government assistance is not available automatically. It is offered only when the President makes an official disaster declaration. Less than half of flooding events are "declared disasters". Declarations require rather widespread damage.  more

During the last several years the subject of flood insurance has become somewhat controversial. The gist of the controversy revolves around homeowners believing that they have protection against flooding when, in fact, they do not. The aftermath of hurricane Katrina truly brought this subject to the fore as many hundreds of homeowners attempted to file claims and were subsequently denied because they did not have flood insurance. Hurricane Katrina is just one of the many natural disasters that have occurred, causing thousands of homeowners to lose their homes due to flooding. Knowing, for certain, whether or not your home is insured against flooding should be a priority for all homeowners. Homeowners should understand that there is a huge difference between water damage and flooding that is caused by nature. Water damages, such as happens when a water pipe breaks and flood the floor, are usually covered in a homeowner's policy. This type of damage is often listed in the policy.  more

Did you know that your homeowners insurance does not cover water damage due to natural flooding? Overflowing rivers, tidal surges, city storm drain backups, and storm driven rain may flood your home but unless you have specific coverage against these perils, you're likely on your own. In addition to natural flood disasters, your homeowner's insurance policy most likely specifically excludes flooding due to sewer backups and "seepage." Some insurance companies do offer special endorsements for coverage due to sewer backups. If you want this type of coverage, call your insurance agent and see if it's available. Water seepage is considered a maintenance issue and is not generally covered by insurance. Your best protection against water seepage is to evaluate and maintain your home. Flood insurance is available to cover your home against flooding. This type of insurance is often referred to as a "single peril" policy.  more