Flood Insurance

  • Gary Mitchell
  • 03/9/19
 
South Florida is making preparations to try to protect infrastructure, buildings, and water supplies from rising water.  Miami Beach has already budgeted $300 million for an anti-flooding program.
 
The National Oceanic and Atmospheric Administration (NOAA) reports that sea levels are rising.  The southeast Florida Regional Compact Climate Action Plan predicts that sea level will rise 6 to 10 inches by 2030 and as much as 36 inches by 2060.  The rising waters will become all too evident during major weather events.  According to the Federal Emergency Management Agency (FEMA), there are flour floodplain designations to identify the potential for flooding in an area.  Floodplain designations fall into high-risk zones and low-risk zones.  The vast majority of Miami  falls into the high-risk "A" zone which means that there is a 1% chance the property will flood within a given year or once every 100 years.
 
Understanding your exposure to flood loss and the risks you face lets you take steps to mitigate them. The right flood insurance program, as a part of your risk mitigation plan, will help you avoid serious financial loss and provide peace of mind.  It is recommended that home buyers engage an insurance advisor when purchasing a home.
 
 

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