Moody Williams Appraisal Group / Flood Insurance Appraisals

Most property owners’ insurance policies do not cover flood damage. Flood insurance is a separate insurance policy and the only way to cover the cost of rebuilding after damage due to a flood. FEMA offers flood insurance through a large number of select insurance carriers nationwide.

A number of factors are considered when determining your annual flood insurance premium including the property’s location within a flood zone, the type of coverage being purchased (e.g. building and contents coverage), and the deductible chosen. The buildings’ design and age are also key factors.

The National Flood Insurance Program (NFIP) requires that the Replacement Cost Value (RCV) of a property be reevaluated every three years. Updating a property’s RCV is easily and quickly done by way of an Insurance Appraisal, which estimates the cost to reconstruct the building improvements.

Insurance Appraisals are very different from a typical appraisal in that they do not estimate the “market value” of a property. The purpose of an Insurance Appraisal is to provide an estimate of the coverage needed to adequately insure the building improvements (commercial or residential). Underinsuring a property will lower your rates, but put the property owner at risk of not receiving full compensation in the event of catastrophic damage as the result of flooding (e.g. like from a hurricane). An Insurance Appraisal can also prevent high premiums from “over-insuring” that can result from rate increases by an insurance carrier.

Do you know what flood zone your property is located in? Click here to find out.

If you already have flood insurance and recently had your premiums increased, call Moody Williams Appraisal Group at (904) 516-8900 and ask about obtaining an Insurance Appraisal.