Is it worth buying a house in a flood risk area?
Is it worth buying a house in a flood risk area? The Cupid of the houses sometimes makes his antics and we fall in love with a beautiful house located in front of a crystal clear lake, where tropical fish swim and a family of flamingos colors the days. The house is modern, comfortable, with a large patio and a green lawn that reaches the very shore. It has everything we dream of except one thing: it is located in a flood risk area. Should I buy it?
If you like it, it is very difficult for someone to convince you otherwise. In that Cupid is always stronger. What we can do is give you some tips to keep in mind before saying “I do.”
The frequency with which floods occur in the area is key when making the decision. If every time three drops fall, you need to worry, it is not the house of your dreams.
Another important aspect is to understand that in future expenses, in addition to the mortgage payment and homeowner’s insurance, you should include flood insurance. Since homeowners insurance generally does not cover damage caused by floods.
You should also try to thoroughly know the property you are going to acquire. It is recommended to hire a good inspector who takes a close look at the possible hidden damages that the property has. Above all, those were caused by previous floods. Something you must do regardless of whether the seller, in a document called Homeowner’s disclosure, reveals the status of the property. It is a priority to inspect it to check that the structures are not damaged due to the presence of water and to see in what condition the drainage system is.
It is essential, before buying, in addition to having your real estate agent, incorporate a Univista insurance agent into your team of advisers. So that he, with the numbers in hand, explains to you what would be the consequences, at the expense level, of claiming the house of your dreams. Even tell you how your decision would influence when finding an insurer. Is it worth buying a house in a flood risk area?
Anyway, if you found the house you were looking for on the shores of a beautiful lake, don’t rule it out, better call Univista Insurance.