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justroe, Home Buyer in Tampa, FL

why do you need flood insurance?

Asked by justroe, Tampa, FL Sun Apr 7, 2013

This question was asked from http://www.trulia.com/property/1093533618-5304-Brushy-Creek-…

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EdithJasser YourRealtor4Life’s answer
If your property is located in a flood area, then you will need and will want to have flood insurance.
When a buyer is asking and signing the application for a mortgage for a particular property the lender will double check whether the property is located in a flood area and will then require that insurance, to protect the property...
More often than not you could find out from the current owners whether they are paying flood insurance, as they must be paying for it.... but the best way is to check with the town or village to find out whether
the area is considered a flood area, usually low laying areas, near a river, near the water of any kind...
So careful, and make sure you know ahead of time...

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
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0 votes Thank Flag Link Mon Apr 8, 2013
Why do you need any type of insurance? If you are financing the purchase of a home, the lender will mandate that owners have flood insurance.

Comedian Flip Wilson said it best, "The insurance company is betting that nothing's going to happen while you on the other hand are betting that it will...."

On the practical side, most people don't feel they need any insurance until they need it.....

Bill
0 votes Thank Flag Link Mon May 13, 2013
Just because. You never know what will happen 5 minutes from now.
0 votes Thank Flag Link Sun Apr 7, 2013
Flood damage is not included in the typical home insurance policy and if a property you are buying is in a flood zone, a lender will require the flood insurance. If you are buying with CASH you will not need either policy if you do not feel you need them.
0 votes Thank Flag Link Sun Apr 7, 2013
According to the the Hillsborough County Tax report this property would be outside the 1% flood plane. It would mean that flooding would be a rare occurrence. Rare does not mean a flood could not happen. It is up to your lender if they require flood insurance.. The good news is if the property is in an area with 1% chance of flooding, the flood insurance is relatively inexpensive. Regular home owners insurance does not cover water damage and flood insurance would.
0 votes Thank Flag Link Sun Apr 7, 2013
what about the regular home ins how much would that cost????
Flag Sun Apr 7, 2013
how do you know it is in the 1% area???
where do you get this info
Flag Sun Apr 7, 2013
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