Stuart real estate may have missed a direct hit from Hurricane Matthew but some home and business owners did suffer flood damage. Even if your property was lucky enough not to incur any harm from this past week’s storm, Stuart real estate owners should know what to do in the event of a disaster occurring.
Stuart Real Estate Owners Should Have Flood Insurance
Local news reports indicate most of the homes and businesses in Stuart survived quite well from the pass by that Hurricane Matthew did in early October. In fact, the boardwalk at Stuart’s Frazier Creek in Shepard Park that is surrounded by water on both of its sides was relatively unscathed following the storm.
Much of Stuart real estate lies right along the St. Lucie River. This makes this little city along Florida’s Treasure Coast susceptible to flooding which is why Stuart real estate owners should know if they are in a flood zone area and require flood insurance.
Stuart real estate, like most of the country, is covered by the Federal Emergency Management Agency’s National Flood Insurance Program (NFIP). This federal program aims to reduce the impact of flooding on private and public structure, including Stuart homes for sale and standard Stuart real estate properties. It does so by providing affordable insurance to property owners and by encouraging communities to adopt and enforce floodplain management regulations.
These efforts made by FEMA’s NFIP help mitigate the effects of flooding on new and improved structures. Overall, its proponents claim the program reduces the socio-economic impact of disasters by promoting the purchase and retention of general risk insurance as well as flood insurance.
Flood damage to either a residence or business should be covered by policies provided either by FEMA’s National Flood Insurance Program (NFIP) or private insurance companies. Keep in mind that standard homeowners, renters, and business insurance policies do not cover flood damage. However, the optional comprehensive portion of an auto insurance policy typically covers flood-related damage.
It is important to note that more than 20 percent of flood insurance claims come from owners of properties that are not zoned as high-risk flood areas.
Steps to Take to Cover Flood Damage
According to the Insurance Information Institute, when filing your flood insurance claim you should do the following:
- Locate the insurance company name and your policy number before calling your insurance professional.
- Provide a list of damaged property to help your adjuster prepare a loss estimate. This includes a written inventory along with receipts, bills, and photos if possible.
- Check with your adjustor before discarding flood damage items. If local Stuart real estate authorities require disposal of these items for health or safety reasons, photograph them first for your records.
- Understand that flood claim payment checks from your insurance company are often made payable to both you and your mortgage lender.
- Make sure you understand what forms need to be filled out and when.
Homeowners and renters and businesses who sustain flood damage to their Stuart real estate properties but were not covered by an NFIP policy may be eligible for state and federal assistance. Find out more by visiting FEMA’s Flood Mitigation Assistance Grant Program.
