“April showers bring May flowers”… oh yes …AND FLOODS!
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Because we have developed new areas, re-routed streams and rivers, added lakes and ponds, made islands where there used to be marsh…we have disturbed the intended flow of water. Natural erosion also plays a part in the changing flood zones.
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People say “I’m not in a flood zone, I don’t need flood insurance.” Or the famous “If it floods here, the whole town will be under water.” Guess what… many towns HAVE been under water recently. According to FEMA 30% of all flood claims are filed by people living in moderate to low-risk areas. Flooding is the nations most common natural disaster. FEMA is currently in the multi-year process of remapping over 20,000 communities. The remapping may result in new flood insurance requirements for your bed and breakfast property.
In some instances “Elevation Certificates” will be required. The elevation certificate is issued by an engineer (surveyor) and shows the elevation of your lowest floor in relation to the determined base flood elevation.
Recently, while securing bed and breakfast insurance for a closing, an elevation certificate had to be supplied. As it turns out, the elevation certificate was incorrectly issued. When the flood quote was generated using the incorrect data (as provided by the elevation certificate), the flood premium was in excess of $10,000. After further investigation, I found an inconsistency in the elevation and building description. I contacted the surveyor and requested a correction. After the correction made, the flood premium was 1/5th of the initial projected cost. This is just one example of how working with an experienced insurance agent can save you money.
Call today for a bed and breakfast insurance quote – be sure to request a flood quote as well.
For more information on flood insurance, including premium costs, levels of coverage and FEMA remapping information visit www.floodsmart.gov or call United Insurance Agencies – Karmen Ward – Ailes 765-381-4904. Visit us at www.uiabnb.com