Do I Have to Have Flood Insurance?

Is flood insurance necessary for this type home on stilts?

The short answer is no you do not have to have flood insurance if you pay cash or do not have a mortgage. Lenders will require that you carry however if you have a mortgage on the property.

The reason that you SHOULD carry flood insurance is to make certain you are covered in all ways should a hurricane damage your home. Windstorm can sometimes wreak havoc on a claim if flood damage is proven. To ensure that you will have all bases covered, carry both.

The amount you pay for flood insurance is dependent on what flood zone you are located and the height of your home out of the flood plain. Many times insurance can be grandfathered from the existing owner and new owner can acquire the policy at what is currently being paid. Your realtor can assist you with this and even put in the earnest money contract.

These are just my thoughts from experience of selling homes on the Texas Coast. You can reach out to me for other questions and I will connect you with insurance companies that do this for a living.

A Car Hits Your House: What Next If You Are The Landlord?

It is a sickening feeling when a tenant calls you and you can hear the sirens and police chatter coming over the line. Help! In my case, the tenant called to report that a truck took the corner too fast and slammed into the front fence and house of our rental property. The police were very nice and thankfully the person who was driving is well insured and not injured. But what next?

1) Get a copy of the accident report, it will include the name of the driver, license and insurance policy information.
2) Get photos and video of the damage BEFORE it is cleaned up and document everything!
3) Contact the insurance company to set up a day and time for an adjuster to come inspect.
3) Get at least 3 estimates to repair the damage.
4) Don't assume that the person who plowed through your fence will have adequate insurance. Check with your home insurance to see if your policy will cover any shortfall that theirs will not cover.

Since this driver did have insurance we will get the house and fence fixed and move on.
But what happens if there is no insurance?

1) You may sue the driver personally (I am not a lawyer so contact an reputable attorney for advice)
2) Report to your insurance company, pay the deductible so that repairs can begin.

For more information about buying investment homes and all that comes with it, visit Janke & Co Properties on Facebook and our website.