Ah, Florida. White sand beaches, beautiful weather year-round, fresh, homegrown, produce; fruity cocktails with tiny umbrellas in our very own tropical paradise. We are the epitome of the catchphrase “I live where you vacation.” But did you know that we are also the state with the largest number of flood insurance policies?
Whenever there’s a hike in costs, it hits our state the hardest. Granted, we are surrounded by water, we have a yearly hurricane season, and copious amounts of rainfall during the summer. So it would make sense that we need more flood protection than, say, Colorado. However, living in the Sunshine State does not mean, ipso facto, that we are doomed to paying more than everyone else. In fact, some areas are so low-risk when it comes to flooding, it doesn’t make any financial sense to carry flood insurance.
Although the Federal Reserve requires banks to demand mortgage borrowers to purchase a yearly policy, if your home is paid off, it is in your best interest (and your family’s best interest), to stop flushing money down the drain. Maybe you own your property outright, or maybe the FIRM (Flood Insurance Rate Map) changed and you’re no longer in a designated flood risk zone.
Regardless of the situation, it makes sense to find out if what you’re paying for every month is not really buying you any real protection. There are several ways to figure out this information, i.e. by obtaining a copy of your elevation certificate and starting a lengthy FEMA appeals process, or you could contact National Flood Experts to do a free evaluation. Yes, free. It doesn’t cost you anything; and if it turns out you are indeed in a high-risk area, you don’t lose anything. But if it turns out you aren’t? You get to save money moving forward by cancelling your policy, and by even getting FEMA to refund you for overpayments. It’s a win-win situation.