Flood Insurance – Who Needs It ?



 Well if you are in the 100 year flood plain area and you plan to mortgage your lakefront, you will have to have flood insurance in order to get your mortgage.  If it is questionable, then an elevation survey will have to be ordered and paid for to determine if the property sits high enough to bypass the mandatory purchase of flood insurance. 

Believe it or not, Congress approves the bill on an almost annual basis  to determine the appropriations for  NFIP – National Flood Insurance Program.  There has been instances in the past where bills have been held up when attached to other items.  When this occurs mortgages requiring flood insurance are put on hold.  Normally Congress approves the bill in one year increments.  However, the National Association of Realtors  is attempting to have the approvals done in five-year increments.

If you pay cash for your lakefront property, flood insurance is optional, but is always a good choice to have.  Since Hurricane Agnes in 1972, there have not been any major flooding events in th Finger Lakes.  There have been a couple of minor flooding issues as you can see in the picture above.  Last Spring, lake levels became very high when the ground would not accept the constant rainfall.  This did cause some washouts as well as some dock damage.  The flooded dock above is located on South Lake Rd, Middlesex NY on Canandaigua Lake Spring of 2011


It still is about the lake, so find the right property, get your flood insurance and enjoy with family and friends.  If you are lucky enough to be on the lake, you are lucky enough !


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Mary St. George