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In a recent episode of The Florida Insurance Roundup from Lisa Miller & Associates, Lisa Miller spoke with Evan Herrnstadt and Tom Little about #flood damage. Flood damage is costly, but estimates state that for every $1 spent to elevate or buy-out a flooded home, $2.69 would be saved in future costs over the next 30 years. This means that around 1.3 million projects nationwide can avoid damage exceeding project costs by elevating the home above flood stage or buying out the property for later destruction. Great listen. #Insurance #FloodInsurance

Budget 2024 advanced plans for a national flood reinsurance program by proposing a CMHC subsidiary to manage its delivery. However, key details remain unclear, and funding appears insufficient. With 1.5 million Canadians at risk and concerns growing over recent flood zone maps, it's crucial for CMHC to address this uncertainty and clearly communicate how it intends to implement the program. Will the current plan be enough to protect homeowners, or could continued inaction deepen the housing crisis? Read our latest Housing Affordability Watch instalment to learn more: https://lnkd.in/g_98wngK

A recent @Independent Agent article cited that two-thirds of people believe their homeowners or renters insurance covers flood damage. As a trusted agent, you can help dispel this common misconception that can leave many homeowners and renters vulnerable to significant financial loss. Don't let your clients assume they're protected—make sure to review their home coverage with them to explain the value of flood insurance and ensure they have the necessary protection in place. Read more here: https://bit.ly/43cXMCC. #WrightFlood #FloodInsurance #WF24

It seems that areas with no recent flooding (Bahia Vista area in Sarasota last flooded in 1962)now have residents' homes and vehicles underwater. Knowing that a property may be subject to flooding should be disclosed to prospective buyers. "Prior to 1985, when it came to real estate sales, Florida, like many states, applied the legal principle known as “caveat emptor” or “buyer beware.” In essence, that meant that when a buyer bought a property, they did so at their own risk as far as the condition of the property. That trend changed in 1985 with the Florida Supreme Court’s ruling in Johnson v. Davis, 480 So. 2d 625 (Fla. 1985)". Even with the new requirements, I suggest that buyers do their own research about a property's flood status.

Budget 2024 advanced plans for a national flood reinsurance program by proposing a CMHC subsidiary to manage its delivery. However, key details remain unclear, and funding appears insufficient. With 1.5 million Canadians at risk and concerns growing over recent flood zone maps, it's crucial for CMHC to address this uncertainty and clearly communicate how it intends to implement the program. Will the current plan be enough to protect homeowners, or could continued inaction deepen the housing crisis? Read our latest Housing Affordability Watch instalment to learn more: https://lnkd.in/g_98wngK

What's New Wednesday! New Flood Disclosure Requirements in North Carolina and Florida 🏡🌊 In the ever-changing world of real estate and insurance, it's crucial to stay informed about the latest developments. Here's a significant update that could affect homeowners and potential buyers in North Carolina and Florida: As of July 1, home sellers in North Carolina must disclose previous flood damage to properties. 📜 Starting Oct. 1, Floridians will face similar disclosure requirements, which may increase the demand for flood insurance. 📈 These changes come as the Federal Emergency Management Agency (FEMA) recently updated flood risk maps, placing hundreds of thousands of additional properties in hazard areas. If these properties hold mortgages, they will likely be required to purchase flood insurance. Navigating these new flood disclosure requirements and understanding your property's flood risk can be challenging. That's where we come in. Visit the link below and in our bio to learn how you can obtain piece of mind for you North Carolina needs! (Source) https://lnkd.in/gSTAFd6h #floods #realestate #insurance #northcarolina #theallenthomasgroup #insurancetips #wednesday

Flood-Proof Your Investment: Know Before You Buy Investing in property? Flood insurance is a must-know.  Many overlook this crucial coverage, leading to unexpected costs. Learn which properties need it, what's covered, and how to protect your assets. Our latest blog navigates the ins and outs of flood insurance for investors. Don't let water wash away your profits—get informed. Click to read our blog: https://bit.ly/43ZjH0p . . . . . #BOTGIndiana #rentalproperties #propertyinvestments #homeevaluationreport #buyingahome #justlisted #homerehab

Joanna Eyquem PGeo. ENV SP. CWEM. CEnv. discussed the flood risk in many basements in an article by The Canadian Press. “It makes sense for homeowners in places that flood frequently, sometimes because their homes are built in low-lying areas or above paved-over former rivers, to reconsider living or keeping valuables there.” “Several things can be done, including updating sewer systems, building retention ponds and working with homeowners to ensure their drainage systems are strong. Another solution is to try to "work with nature" to create spaces that absorb water and send less of it into sewers, as Montreal is doing with its network of so-called "sponge" parks and streets, Eyquem said. The story has been picked up widely including by Globe and Mail, CTV News, CityNews. Read the article in English here: https://lnkd.in/g9Y36nqu Read the article in French here: https://lnkd.in/gbmreMzM

Changes are coming for Texas homeowners with the 2024 Flood Plan, which will affect 15 regions across the state. It’s important to understand how this could impact your insurance. Our latest blog explains what you need to know to stay prepared. Check it out on our website: http://bit.ly/3AZeUlc #FloodPlan2024 #TexasHomeowners #VargasGonzalezDelombard #InsuranceLaw

The U.S. Department of Housing and Urban Development strengthened flood-protection requirements for homes using federal funds for construction or substantial repair via a recently finalized regulation. HUD issued a final rule last week that expands the areas where homes must be elevated or flood proofed through a new standard that accounts for future flood risk. The rule also increases elevation requirements for certain new construction. Despite real estate industry concerns that the rule will spike construction costs, HUD says it will save U.S. communities millions of dollars by reducing flood insurance premiums, building damage, relocation costs and loss of income during floods. This ties nicely to my article on Miami-Dade County Blog - Miami is ‘ground zero’ for climate risk. People are moving to the area and building there anyway - https://lnkd.in/gY9UX8KS