Are YOU now in a Flood Plain?
FEMA recently remapped many areas, including Oneida County, NY.? Some homes that were previously in a flood zone are no longer, but many properties that were not, now are in a flood hazard area. The maps are not yet final, there is a public comment period.? You can access the proposed maps and see whether your property has been affected. Go to https://www.rampp-team.com/ny.htm and view the information for your county. If you click on your location on the Interactive Flood Map index it will open the proposed flood map for your area. Make sure that if you have Adobe software that your internet preferences are set to? ?display PDF in browser? or you won?t be able to open your local map.? If you see any discrepancies in the topography or drainage issues suggested by the new maps then you will want to have your comments heard before the maps are finalized.
Why should you care?
Because any federally-backed lender that provides a loan on a property in a flood zone will require the property owner to carry a flood policy. This is an extra expense for the property owner, one that may come as a bit of a shock to you when refinancing or taking a home equity loan or buying a new home.
Why do you need flood insurance?
Part of the legislation that created the National Flood Insurance Program (so that flood coverage would be available to those who need it) also mandates that lenders require flood coverage on properties located in flood hazard areas. They do this for multiple reasons, which include protection of the lender?s loans, spreading of the flood risk, and reduced financial devastation to flood-impacted areas. In order to receive federal assistance after a flood , the territory must be proclaimed a disaster area (at a distinct level of disaster) by certain officials. You may not receive aid, or the aid only may be in the form of a loan with interest. You cannot not rely upon government assistance in the event of a flood, you should protect yourself with the purchase of a flood insurance policy.
How does a flood policy work?
Many people only want to insure to the amount of their loan. This practice does not provide adequate protection though. In the event of a claim, a depreciation reduction will be applied to the damaged items resulting in a claim payment of less than the full cost to repair or replace.
Unlike other types of insurance, a flood policy can be transferred from one property owner to another. When you buy or sell a property you can contact the other person and have the policy turned over along with the deed .
When you buy a new policy there is a 30-day waiting period before the policy can go into effect, unless the insurance purchase is in conjunction with the property purchase or a new loan.
For more information call The Burns Agency at 315-853-5052 or see our website at www.burnsagency.com.
Category: About our agency, Auto Insurance, Community, NY, Preventive Maintenance, Quotes, The Burns Agency
michelle obama booed at nascar polio cutler amas music awards 2011 music awards 2011 jill biden
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.