Hello, I'm here today with Mark Allen, our Charleston flood insurance expert. I'll be going over some commonly asked questions with Mark about this type of insurance, and how you can protect yourself and your property with it.
As a buyer, can I assume the flood policy on a home I wish to purchase?You certainly can assume the policy, but if you do, you will want to obtain a Flood Elevation Certificate. When the policy ends, you will have to have your home evaluated for this certificate, and you can get discounted insurance if your home qualifies.
How do I know if my flood policy will increase, and by how much?If you have a flood elevation certificate you can find this out by calling the number listed with it. Otherwise, you will probably need to give Mark or myself a call and we can find this information for you.
What are the different flood 'zones'? There are three different types of zones, and all of them pertain to risk level. Zones in the 'X' category are not considered to be in a flood area. Homes in zone 'AE' are in flood areas, but are not considered high risk. Zone 'VE' are homes in areas where wave impact is expected, and these zones are where the risk for flooding is highest, so premiums for these areas are also highest.
Flood Elevation Certificates are required in flood zones, and you can call us to find out if you are in a flood zone. With new legislation being enacted, if you did not have your property rated with a certificate, then your policy is subject to a 25% increase every year.
Author:Dave Friedman Voted Best Realtor in Charleston Phone: 843-480-9737 Dated: September 2nd 2016 Views: 821 About Dave Friedman: Voted Best Realtor in Charleston and top finalist every year since 2013, it is easy to say that Dave...
View our latest blog posts in your RSS reader. Click here to access.
The Dave Friedman Team at Keller Williams employs full time, highly productive, experienced and educated brokers focused on serving their real estate clients and communities at the highest possible level to create the best possible result. We provide accurate, detailed information, data and advice so that our clients make informed decisions. We're committed to life long relationships founded in integrity and mutual respect. We're here to help at all stages in all situations.
There are many great Charleston area homes for sale. Click here t
"Professional, enthusiastic and hard working young man. My family are very happy with Dave's professional service. He provided comparable information and analyzed data to help us gaining a true knowledge about the house market in Charleston; he shared his opinion that we considered; he went through the house details with us and solved the problems effectively; he helped us for a smooth house closing without stress. He is an excellent realtor. "