Welcome back to Real Estate News
You Can Use. I'm Michelle Camaioni with RE/MAX
Today I’m standing on the bank
of the Potomac River in Piney Point Maryland on St. George Island and the Potomac
River is very busy this morning. There are white caps behind me and the wind is
This week we are talking about
flood insurance. So, when you buy a waterfront home, it's very likely that you
will have to purchase flood insurance. Not always, once in a while you're high enough
off the waterway that flood insurance isn't required.
But if you do live in an area
that floods like I do, you're going to want to make sure that your property is
protected. There are a lot of different nuances to flood insurance. Many things
that flood insurance covers and many things that it does not cover, so you're
going to want to really dig into this with your insurance agent to fully
understand the coverage that you need and the coverage that you have.
There's also something called
an elevation certificate that you may choose to have performed prior to your sale.
That elevation certificate will tell you how far above your home sits in
relationship to the flood tide zone and depending on how low your property is,
that will also have something to do with the amount that you'll pay annually for
your flood insurance.
Now, an elevation certificate
can be a double-edged sword. Sometimes it proves that your property is low and
your flood insurance is higher. And sometimes it proves that your property is
higher, therefore your flood insurance will be lower. So, you'll want to talk
this over with your survey company prior to determining whether you want to add
an elevation certificate to your house location, drawing or to your boundary
survey that you might be having done prior to your purchase. Two people you
need to get to know very well. Your surveyor and your insurance agent.
I hope you found this information
helpful and if you need more information and want to talk it through, feel free
to reach out to me to talk about flood insurance, waterfront property or any
other real estate related questions you may have.