11/14/2023 0 Comments Flood factor realtor![]() Some common flood mitigation options include: Lower Your Flood Risk: In addition to adding flood insurance to your homeowner’s policy, Pennsylvania homeowners in a flood-prone area can make some physical modifications to their home and property that will not only lower their risk of flood damage but reduce the cost of insurance. The NFIP offers step by step instructions for obtaining insurance, documenting damage, and filing a claim. Your home can be insured for up to $250,000 and its contents up to $150,000. One covers the dwelling itself and the other covers your personal property. The National Flood Insurance Program (NFIP) offers two homeowners policies that address flooding. So, with the expansion of at-risk areas associated with the First Street Foundation’s new findings, homeowners should contact their lenders and insurers to make sure they are meeting all requirements. However, most lenders will require flood insurance if your home is in a designated floodplain. ![]() Standard homeowner’s policies don’t include flood protection. Get Flood Insurance: An important piece of flood protection is flood insurance. There are two ways to mitigate the risks of living in a flood-prone area. How Pennsylvania Homeowners Can Protect Their HomesĪccording to FEMA, just one inch of water in your home can leave behind $27,000 worth of damage. regions.” Malta noted that NAR “welcome all prudent steps toward the development and dissemination of resources that will help American consumers make fully informed decisions about properties’ specific flood risks.” Vince Malta, president of The National Association of REALTORS® said, “Improving access to credible flood risk data is critical to many property owners and prospective buyers across the country and to enhancing confidence in real estate markets in various U.S. Pennsylvania homeowners can enter their exact address into First Street’s Flood Factor tool to check their specific flood risk. Philadelphia: 53,378 properties in 2020.The areas of Pennsylvania with the highest numbers of properties at risk for flooding are: The difference in the number of properties currently at substantial risk compared to FEMA maps: 370,200.Total properties at substantial risk in 2050: 587,400.Total properties at substantial risk in 2020: 564,600.Any risk: 0.2 percent annual probabilityĪccording to First Street, the flood risk in Pennsylvania is as follows:.Substantial risk: 1 percent annual probability. ![]() Almost certain risk: 20 percent annual probability.The article Here Are The Pennsylvania Cities With The Greatest Flooding Risk reports that First Street uses three risk description levels in their report to classify the possibility of flooding: What the Report Means For Pennsylvania Homeowners
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