Last week’s flood left many homes with damage. Even minor flooding can cause damage to not only personal property, but dry wall, framing, floors and tile. According to the Federal Emergency Management Agency, flooding causes $2.9 billion in losses between 2002 and 2011.
Not only are residents faced damaged property, but they face dangers and lengthy clean up. Someone told me of how their basement was recently flooded, and by coincidence the faulty electrical box and outlets were just repaired a few days before. If it wasn’t, any individual stepping into the flooded basement may have potentially been electrocuted. The flooding was so severe that locks on the Chicago River were opened to reverse the water flow temporarily.
A common misunderstanding is that a homeowner’s policy covers homes for flood damage. Depending on where you live, there are different types of policies. Lender’s typically do not require flood insurance coverage if the home is located in a low to moderate risk area. By law, federally regulated and insured lenders must require flood coverage on properties in high-risk areas there flooding is 1% or greater per any given year.
Buyers of a new home can check a home’s history for past flooding. I called up several clients this past week to check on whether they were having issues with flooding. One client lived in Des Plaines, an area that was hard hit by flooding. None of them had any water issues and were all thankful that we took the time to research a home’s history properly.
Last summer, new legislation called for higher rates on policies to accurately reflect the risk of flooding. Previously, a single annual premium was required but payments can now be made in installments. Anyone entity is available to apply for coverage, including renters and businesses as well.
If you are faced with flooding, there are several things to remember:
- Contact your utility provider to turn off the power if necessary
- Do not mix chlorine bleach and ammonia; they make a toxic gas when combined
- Damaged drywall should be removed and framing allowed to dry
- Placing dehumidifiers can help an area dry
- Newly built areas may potentially be at higher risk. Paved roads causes runoff as it prohibits the lands ability to absorb water.
Sherwin L. Sucaldito, REALTOR®, GREEN, ABR, CRPM
@properties
The Institute of Luxury Home Marketing
Green REsource Council, GREEN
Accredited Buyer’s Representative , ABR
Certified Residential Property Manager, CRPM
