Thursday, July 15, 2004
More Bang for Your Buck: Flood Insurance Deduction
If you own a home in South Florida, you most likely are required to have flood insurance. But did you know most people are paying for protection they don't really need. In tonight's more bang for your buck, we're going to show you how to bail out of this draining deduction.
(WSVN) -- Thunderstorms... Tropical storms... Hurricanes...Last year, south floridians spent over $250 million dollars on flood insurance.
A lot of it unnecessary.
Homeowner Anthony Lester: "I said to myself, maybe I don't need to take what's fed to me at face value."
Anthony Lester knows what's it like to be watered-down with one bill after another. He was living in his house for fouryears before questioning his flood insurance.
Anthony: "I been here for a few years, I pretty much know the water patterns and flood and everything else."
What anthony knew is his house is pretty flood-free so he called a company called flood zone correction.
Anthony: "We learned maps were created to identify flood prone areas, large georgraphic areas that might be prone to flooding. but the maps were not intended to illustrate the flood risk inherit to any home or building."
What the company does is provide a detailed flood risk analysis by looking at each house on an individual basis.
What they find is most homes are built responsibly to withstand the threat of rising waters.
Anthony: "Over 90 percent of the properties we have evaluated should not have been designated as high risk."
If that's the case, flood zone correction will petition fema to lower your risk category and lower your insurance rates.
Anthony: "I believe that fema understands that we will fill a void in their program. they dont have the resources to survey every square inch of this country."
Anthony's glad he made the call. With flood zone's help, he's now saving $500 dollars a year.
Anthony: "Now, I have the opportunity to take that money and keep it for myself and not have to be subject to something that was not originally ancipated or directed towards my home."
Flood zone says the entire process can take up to six months. If it finds your risk category is correct, no fees are assessed.
FOR MORE INFORMATION:
Flood Zone Correction
877 35663 9663