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Dealing with Flood Risks

Flood insurance rates are expected to rise in the Spring of 2014; it’s all over the news. But how can you minimize flood damage and save yourself from making a claim? Or maybe if there was a way that could altogether prevent you from buying flood insurance? After all, once the new policies become effective, the premiums can rocket sky high.

Actually, there is a way that can at least reduce it to a significant extent. Elevate your home and you might be able to minimize the risks, saving yourself from floods and the associated insurance policies. This is not what we say; it is actually a statement given by the National Flood Insurance Program or NFIP

Across the country, flood insurance claims that have been made total over $3 billion in the period between 2003 and 2012.  According to experts, the sea levels are rising and so future storms can be more severe. So what effect does this have on the nation? All those homeowners that were in safe zones are now finding themselves in flood risk areas. For those that were already in these zones, the risks have increased.

The solution is quiet effective, but expensive as well. Depending on the size of your home, there is a very good chance that the overall costs would exceed $100,000. Not good. We know, but let us make the situation a bit better. You might just be able to get some help from flood grants and insurance policies.

Generally, you would have to elevate your home by at least a foot or two among the minimum set value in your region. This would help you in acquiring a flood certificate as well. If your home has an open foundation, meaning that it has crawl space or a basement, the elevation process is relatively easier and lesser costs are incurred. This is because it is not that difficult to get underneath your house and then elevate it to the desired level. If the foundation of your home is of the slab type, the process would be time consuming and more expensive. In this case, the walls have to be opened up and the lower cabinets have to be removed.

Considering the new flood predictions and risks, probably more than a million homes will have to be uplifted, which requires a significant amount of money and time.

Source: www.realestate.aol.com

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