West Palm Beach Homes In Need of Flood Insurance
As Hurricanes Katrina and Rita left devastatingly clear, a city doesn’t have to be part of the hardest hit area to see significant damage. For West Palm Beach homes, most of the damage came in the form of flooding, which shouldn’t come as a surprise as “more than 80 percent of South Florida is prone to flooding.” But if that’s the case, how come less than half of West Palm Beach homes are covered by flood insurance?
The problem is that many mortgage bankers don’t require flood coverage, so many owners of West Palm Beach homes don’t purchase it. This is not surprising since coverage can be quite expensive. Premiums range from $317 to more than $1,000 depending on the elevation of the West Palm Beach home in question.
However, experts recommend that homeowners in coastal areas forget the cost and purchase flood insurance. Even if the West Palm Beach homes aren’t in a designated flood zone, the chance of flooding, even in a mild storm, is very high.
The problem is that many mortgage bankers don’t require flood coverage, so many owners of West Palm Beach homes don’t purchase it. This is not surprising since coverage can be quite expensive. Premiums range from $317 to more than $1,000 depending on the elevation of the West Palm Beach home in question.
However, experts recommend that homeowners in coastal areas forget the cost and purchase flood insurance. Even if the West Palm Beach homes aren’t in a designated flood zone, the chance of flooding, even in a mild storm, is very high.
