The Anna Maria Island Sun Newspaper

Vol. 13 No. 13 - January 9, 2013

REAL ESTATE

Flood insurance – are you adequately covered?

 

In the wake of Superstorm Sandy homeowners all around the country have been jolted out of their long summer’s nap back into the insurance reality show. Homeowners are taking a second look at their flood insurance and starting to realize that it may not be as good a deal as they thought.

As we talked about last week, homeowner’s insurance does not cover your home for anything that resembles a flood. People who live on or near the water or in what is designated a flood zone need to purchase federal flood insurance. Since Superstorm Sandy hit the East Coast in October, the demand for and questions about flood insurance has surged.

The first thing homeowners who are vulnerable to flooding need to know is that the federal National Flood Insurance Program covers up to $250,000 to rebuild a home and up to $100,000 in contents. This number is the same whether you live in Alabama or the New Jersey coast which was so badly hit by Sandy. Because of its limitations, homeowners who feel this amount falls short of the coverage needed for rebuilding their properties are looking into so-called excess or supplemental flood coverage.

Supplemental flood insurance coverage policies are sold through private insurers and will vary in cost depending on several factors including the home’s likelihood of flooding and its cost to rebuild. They will also vary in the comprehensiveness of coverage and could include homes with a basement, cover living expenses and cover increased replacement values based on building costs in the specific region. Obviously homes two blocks from the beach will cost less to insure than beach front properties.

Excess flood insurance policies do come with their own set of caps and limitations on coverage. For instance valuables lost due to flood damage like furs, jewelry and valuable silverware typically are not covered by excess flood policies. If a homeowner wants to insure these items or other valuables like art and antiques they will have to purchase a “valuable articles policy” on top of the supplemental flood insurance policy which is on top the federal flood insurance policy.

However, even after getting flood insurance there are several things you can do to minimize losses in your home and ensure your family’s safety and quick clean up. It is essential to create a personal flood file containing information about all of your possessions and keep it in a secure place like a safe deposit box or waterproof container. Include in this file a copy of all insurance policies and agent contact information and a household inventory. Keep a written list of major household items and electronics including serial numbers and receipts as well as digital photos and/or videos of the contents of rooms to back up the lists.

If you do have a loss due to flooding take photos or videos before and after the clean up to go along with a comprehensive list of damaged items, and don’t be shy to challenge the insurers’ estimates. These estimates are based on computer models and don’t always reflect local costs following a major storm. And if you really have a problem with insurance adjusters, consider hiring a public adjuster who typically is compensated with a percentage of any proceeds. Public adjusters are licensed and affiliated with the National Association of Public Insurance Adjusters.

Storms don’t have to be super sized like Sandy to give you a lot of grief and seriously damage your home. At least Sandy did one thing – she woke us up to the dangers of flooding and is forcing us to get educated about adequately covering our home and valuables.

Real Estate Transactions
Real Estate Transfers from October 2012
Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

11/05/2012 1,089,000 1,000,000 511 Loquat Dr 2752 85x117 3 Br/2 Ba SFR
11/09/2012 749,000 700,000 108 Willow Ave 1504 50x11 3 Br/2 Ba SFR 11/14/2012 429,000 429,000 516 Magnolia Ave 1401 52x145 3 Br/2 Ba SFR 11/14/2012 575,000 540,000 212 Coconut Ave 1653 52x100 3 Br/2 Ba SFR 11/15/2012 475,000 442,500 771 Jacaranda Rd 1447 52x98 2 Br/2 Ba SFR

Bradenton Beach

11/05/2012 325,000 230,000 301 Church Ave 1344 102x100 2 Br/2 Ba SFR, Short Sale
11/13/2012 399,000 395,000 303 22nd St 50x100 3 Br/2 Ba Inc. 11/16/2012 330,000 320,000 2407 Avenue B 1650 25x100 4 Br/4 Ba Inc.
11/16/2012 597,000 555,000 104 23rd N St 2088 5800 Units Inc.

Cortez

11/29/2012 579,000 560,000 4130 Marina Ct # 511 2307 3 Br/2 Ba Condo
11/20/2012 825,000 825,000 12913 42nd W Ter 4058 5 Br/3Ba SFR Short Sale
11/02/2012 69,000 54,750 12614 Safe Harbour Dr 81x123x61x122 Vac.

Holmes Beach

11/05/2012 325,000 325,000 6200 Flotilla Dr # 242 1458 2 Br/2 Ba Condo
11/09/2012 499,000 445,000 7205 Gulf Dr # North 1032 3 Br/2 Ba Condo
11/20/2012 179,900 165,000 3607 E Bay Dr # 105 976 2 Br/2 Ba Condo
11/30/2012 475,000 465,000 3804 6th Ave # 3804 1725 3 Br/2 Ba Condo
11/07/2012 599,000 520,000 521 74th St 1625 100x110 3 Br/2 Ba SFR 11/07/2012 449,000 443,000 5805 De Palmas Ave 1150 50x101 2 Br/2 Ba SFR
11/16/2012 335,000 305,000 205 Peacock Ln 1653 43x87 4 Br/3 Ba SFR
11/16/2012 499,000 475,000 211 71st St 1344 54x105 2 Br/2 Ba SFR
11/16/2012 489,000 480,000 309 59th St # B 2083 3 Ba/2 Ba SFR 11/20/2012 859,000 790,000 520 Key Royale Dr 3720 100x108 5 Ba/2.5 Ba SFR 11/21/2012 449,000 445,000 5802 Imperiore Ave 1200 48x101 3 Ba/2 Ba SFR 11/23/2012 419,000 398,600 5704 Holmes Blvd 1678 82x117 2 Br/2 Ba SFR 11/26/2012 439,000 430,000 205 77th St # A 900 2 Br/2 Ba SFR
11/29/2012 400,000 415,000 116 81st St 1494 68x80 3 Ba/2 Ba SFR 11/29/2012 585,000 570,000 603 Dundee Ln 1920 3 Ba/2 Ba SFR 11/30/2012 450,000 425,000 312 57th St 1665 3 Ba/2,5 Ba SFR 11/30/2012 469,000 460,000 212 81st St # B 1200 90x90 3 Ba/2 Ba SFR
11/08/2012 389,000 369,000 3007 Avenue E # 2 756 100x105 2 Br/1 Ba Villa 11/08/2012 375,000 375,000 202 64th St # A 1481 67x100 2 Br/2 Ba Inc. 11/09/2012 350,000 320,000 302 60th St 101x107 Vac.

Source: Manatee County Property Appraiser’s Office


AMISUN ~ The Island's Award-Winning Newspaper