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KJLLAW
KJLLAW, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 740
Experience:  Attorney at Law Office of KJLLAW
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Questions about flood coverage on an old 60-70 year old

Customer Question

Questions about flood coverage on an old 60-70 year old house. I understand there is a difference between flood protection and surge protection. Flood covers rising waters from rainfall or poor drainage or backed up sewer/drain pipes. Surge covers water pushed onto land by a hurricane. Is this true? If so, I've been told flood insurance covers only the former and the surge is protected by an add on to the homeowners insurance. True?
Further I've been told I can only get "cash value" because the property is a rental. How much cash value is likely to be left after 60-70 years depreciation? Most things in the house, wallboard, plumbing, wiring, kitchen cabinets (not appliances) are original.
But I'm also told that if I don't carry the full premium of 80% of the replacement value of the home, there will be a penalty that will subtract from whatever little case value these old things might be deemed to have.
It appears I am carrying flood insurance and can expect to get almost nothing if I need it. Is this as bad as it looks?
Submitted: 6 months ago.
Category: Consumer Protection Law
Expert:  KJLLAW replied 6 months ago.
Good morning, what state are you located?
Customer: replied 6 months ago.
Florida
Customer: replied 6 months ago.
I have found my answer elsewhere. Please cancel this question.