Everyday we field questions about flood insurance in Homewood Al. So today we want to look at why flood insurance is so high in Homewood Aland what you can do about it?
Homewood Al is one of the more desirable areas to live in around Birmingham Al. Trust me I know I moved to 280 when there was one red light and my brothers first house was in Homewood.
So why are flood insurance premiums so high in Homewood Al?
It get a better understanding of these we need to understand a couple of things
- Flood threats in the area
- Foundation type of homes
Why most parts of Homewood Al have not flooded it does not mean the risk is not there. One major thing that poses a serious risk is Shades Creek. Not only does this river run through parts of Homewood, but Hoover Alabama as well.
As a result this puts many Homewood properties into a special flood hazard area.
What exactly does this mean? It means you are in the 1% annual chance of flooding and if you have a mortgage flood insurance will be required.
Something else that hurts many Homewood properties is the foundation type.
In our blogs and videos we have discussed all types of foundations from slabs to basements to crawlspaces.
One thing that hurts some Homewood properties when it comes to flood insurance is subgrade crawlspaces. remember these are crawlspaces that are actually underground.
As a result of this it can place the property more negative from the base flood elevation which can result in higher flood insurance premiums.
So what can be done to help minimize these premiums.
Well you could fill in the subgrade area but most people don't want to do that. Then you could get a survey or elevation certificate that shows the elevation numbers of the structure.
This could possibly help improve your National Flood Insurance Program insurance rates. We had a client a few months ago where this actually cut the flood insurance premium by 50%.
Something else you could look at is private flood insurance. This is a flood insurance product that is starting to take off. Its important to know not all private flood insurance policies are the same. Some will not insurance subgrade foundations and some will not insure properties in the floodway. This is important because some Homewood properties do fall within this floodway.
So when you get a high flood insurance premium on your Homewood property don't just accept it. Look at these different options to make sure your premium matches your risk.
If you want to learn more about flood insurance make sure to check out our YouTube channel where we do daily flood education videos.
If you want to review flood insurance options in Homewood Al then click here.
Remember we have an education background in flood mitigation. This means we can help you understand your flood insurance risks, flood insurance, and mitigating your property long term against flooding.