This article was contributed by Arthur Murray - lead writer for the HomeInsurance.com blog.
Say a client comes in with a home he or she wants to list – the photos of the house and rooms look great, it’s in a terrific school district, the local crime rate is low. Everything looks fantastic until the client mentions one last point – the house is in a 100-year floodplain.
This isn’t great news, because it means potential buyers, in order to get a federally guaranteed mortgage, will be required to purchase flood insurance currently at the some of the highest rates. This means that the great house you’ll try to sell will come with two prices – the price for the property and the price to insure it.Read more