Utah Real Estate Needs Flood Protection Too
The winter of 2010/2011 was a wet and wild one for Utahns as well as citizens throughout the United States who experienced higher than average levels of precipitation. Thank goodness for flood insurance, right? Well, for now.
Unfortunately, The National Flood Insurance Program (NFIP) is set to expire Sept. 30. This week’s hurricane damage underscores the critical need for flood insurance -- yes, in coastal communities -- but also inland. There are many, many forms of flooding. While it is possible to predict where a flood is most likely to occur, it’s impossible to predict where a flood will occur.
Hurricane Irene has served as a dismal reminder of the importance of flood insurance and the need to secure this federal program. Congress needs to act to extend the program that serves and protects millions of home owners. Whether you own a Salt Lake home, a Sandy home, a Park City home or a home in New Jersey – flood insurance is worthy of consideration.
The National Association of Realtors® has deemed the topic so worthy of discussion (as those on the Eastern sea shores sort through wet rubble of Irene’s aftermath) that it is launching a “get moving” campaign directed at Congress.
Some of us in Utah are listening and agree. Nah. We’re not likely to get whacked by a hurricane, but it is highly likely many homes this year will sustain water damage from:
- sprinkler or hose
- overflow of canals
- ditches or streams
- mud slides
- collapsed earth and walls due to leakage of underground water pipes
Affordable flood insurance is critical to the Salt Lake real estate market, the Utah real estate market, and the national real estate market. I agree with NAR President Ron Phipps in his assertion that the federal government should extend the National Flood Insurance Program for as long as possible.
The program lacks stability. According to a recent NAR press release NFIP has expired 10 times in the past three years. Let’s extend it for five years. We want our citizens to be prepared for emergencies in order to be more self-reliant and this is one of the tools we have to offer them.
Every state, city, town, community faces potential for flood danger. With hurricane Irene victims in our hearts and on our minds it’s time to think about what you would do under such a terrible circumstance.
Did you know, it takes 30 days for flood insurance to become effective? Rarely do we have a 30-day warning to prepare for such a catastrophe.
Let us help you find a Utah home in a safe, secure location. We can help you assess potential risks for your Park City home for sale, or help you find a Salt Lake home for sale on high ground! If you have questions about geological issues along the Wasatch Front, don’t hesitate to contact us today.
To learn more about flood protection visit floodsmart.gov.
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