Rossi Real Estate Services LLC
Rossi Real Estate Services LLC, Rossi Real Estate Services LLCPhone: (518) 598-7711
Email: [email protected]

What You Should Know About Flood Insurance

by Rossi Real Estate Services LLC 04/21/2024

Whether your home is on the coastline or in a landlocked neighborhood, floods can be catastrophic and costly. Because of this risk and homeowners insurance not including coverage for flood damage, flood insurance is an essential commodity for many homeowners. But how can you know if a flood policy is right for you? To help you decide, here are some of the most important things to know about flood insurance:

Determine Your Flood Insurance Requirements

Mortgage lenders often require flood insurance for buying a home. This is especially common in areas with higher flood risk, but may be a requirement in other circumstances. The best way to know if you'll need flood insurance to get a mortgage for purchasing or refinancing is to find out if you're in an official flood zone as designated by the Federal Emergency Management Agency (FEMA) and discuss it with your lender.

Be Aware of Waiting Periods

If flood insurance isn't required where you live, you may still want to consider the investment. However, it's safest to discuss flood coverage with your insurance provider before you need it. Many policies have a 30-day waiting period before the coverage takes effect. This means that buying a last-minute policy right before an oncoming storm might not protect your home.

Research the Area

According to FEMA, more than 20% of all claims made through the National Flood Insurance Program were from residents outside flood zones. Researching local flood history is extremely helpful when buying a new home, as it can help you determine your risk and budget for additional coverage. Living outside an official flood zone doesn't guarantee you won't experience a flood; however, it can mean lower insurance rates.

While not required everywhere, flood insurance can provide excellent relief in the event your home or belongings are damaged by a flood. Keep these key factors in mind and consult with an insurance professional to determine the best choice for your situation.

About the Author

Rossi Real Estate Services LLC

Rossi Real Estate Services LLC is a boutique real estate brokerage firm that provides close personal attention to buyers and sellers in the Capital Region and surrounding areas. “Typical” is not a word that clients use to describe Rossi Real Estate's approach to home buying and selling.  Building upon years of experience, Rossi Real Estate employs creative marketing approaches, combined with a vast network, to quickly sell homes.  By creating home floor plans, professional photography, and online marketing videos, Rossi Real Estate is able to depict home layouts and professional marketing to potential buyers before stepping foot in your home; this saves the seller valuable time by attracting only those buyers who have greater interest in the home. Additionally, by employing targeted online marketing, Rossi Real Estate targets buyers searching for homes just like yours.  

Joe Rossi, the Principal Broker at Rossi Real Estate, builds upon over 12 years real estate experience in every transaction. Joe zealously advocates for his clients by combining his diverse background in law, finance, complex negotiation, and management, with compassion and exemplary communication skills creates.  He explains transaction details and guides his clients through every step of the buying and selling experience.  Furthermore, Joe listens to his clients’ wants and needs.  In a recent transaction, the buyer profusely thanked Joe, stating he was, “[T]he only one in the transaction that was capable of communicating with the sellers in a way that ensured we were able to close on our dream home”. 

Our real estate practice includes leading professionals, all of which are NYS Licensed Real Estate Sales Associates: Joseph R. Rossi, Ryan Hart, & Dustin Cogswell. Their experience includes work at a fortune 100 company, military operations, and technical recruiting.

If you're looking for a real estate broker who goes above and beyond the industry, who genuinely cares about their clients, and who will drive results, contact Rossi Real Estate Services LLC today.

The Stuff our attorneys make us include...

In accordance with Real Property Law §442-H, Rossi Real Estate Services LLC implemented a Standardized Operating Procedure governing client engagement. As such, prior to any engagement, Broker:

1. Requires a buyer to produce identification if the identity of the buyer is not readily known through a personal relationship with the broker or licensed sales person;

2. Requires an exclusive agency agreement (i.e. exclusive broker agreement) prior to engagement with any buyer;

3. Does not require pre-approval for a mortgage loan; however, a pre-qualification letter for a mortgage loan or, for cash buyers, proof of funds is required.

Although Broker may not require certain information, a seller of real estate may require this information prior to showing the property and/or as part of any purchase offer.