DELRAY BEACH, Fla. — Hurricane Nicole is bringing new consciousness to the importance of having flood insurance.
Less than half of Florida householders really buy it, in line with the Insurance Information Institute. And that is with Florida being ranked as essentially the most hurricane-prone state within the U.S.
“I would say nine out of 10 buyers do not obtain it,” Brent Colby, a realtor with the Brent Colby Group in Wellington.
Colby sees what occurs when his shoppers determine to not shield their houses.
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“Once you get water into your house, and it starts going above that baseboard line and into the drywall, it causes a lot of damage,” Colby mentioned.
The actual property dealer mentioned simply since you’re not in a flood-prone space doesn’t suggest you do not want flood insurance.
“Even with Hurricane Ian, the majority of the claims came from areas not in the flood zone,” Colby mentioned.
Colby added many of his shoppers are afraid of the price. However, he mentioned the worth of insurance is usually a lot lower than the price of injury from devastating storms.
(AP Photo/Rebecca Blackwell)
“If you’re not in a flood zone, it can be as cheap as $500 a year,” Colby mentioned. “If you are in a flood zone, of course, it can be a bit more, but even for my multifamily home on the Intracoastal [Waterway], about five lots away from the Intracoastal, it’s about $1,500 a year. To me, that’s one of those properties that I’m always going to carry it. It’s just way too close to that water, and I’ve seen what it can do,” mentioned Colby.
According to the Florida Office of Insurance Regulation, Palm Beach County reported 2,650 insurance claims after Hurricane Ian.
“It just once again comes down to risk tolerance,” Colby mentioned. “We live in South Florida. You just have to be careful.”
For some householders, like Jerome Calderone, the devastation that Hurricane Ian triggered was a cause to buy insurance of his personal.
“I just like two weeks ago purchased flood insurance,” Calderone mentioned. “Just in time.”
The Delray Beach resident mentioned he was grateful to have protection as Hurricane Nicole hit South Florida on Wednesday into Thursday, inflicting flooding for a lot of residents within the metropolis’s historic Marina neighborhood.
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“That’s the reality we live with, that storm surge can be brutal,” Calderone mentioned. “My heart goes out to them.”
Calderone’s own residence wasn’t broken by the storm.
“It was smooth sailing,” Calderone, a Delray Beach window washer, mentioned.
Knowing his residence is just 2 miles from the coast, he’s nonetheless grateful to have bought insurance forward of the subsequent storm.
“It’s kind of a no-brainer,” Calderone mentioned. “For the little money that it is, the protection is a good value.”
Colby recommends his shoppers do their analysis earlier than buying flood insurance and discover out what coverage is true for them.
“Every buyer and homeowner is a bit different,” Colby mentioned.
Colby added that doing all your analysis and consulting with a realtor may help residents discover the very best coverage on the proper worth. Click right here to be taught extra about flood insurance.
