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August 2, 2024
By
The Admiral Staff
This article explains how to understand and navigate flood maps to assess your flood risk. It details how to find your location on the FEMA flood map system (FIRMs/FIRMettes), how to interpret the different zones (high, moderate, minimal hazard) and base flood elevation (BFE). The article clarifies that even properties outside designated flood zones aren’t entirely safe, and a significant portion of flood claims come from these areas. It also outlines steps you can take to mitigate flood risk beyond insurance
July 12, 2024
By
The Admiral Staff
A couple planning to buy a house together is seeking advice on how to make the purchase fair, given differing incomes, existing equity, an upcoming inheritance, and the partner’s three children. The advice emphasizes that “fairness” is subjective and should be determined through open communication about financial histories, current assets, future work expectations, debts, desired financial independence, and each partner’s contributions to childcare and other goals, rather than solely relying on mathematical calculations.
June 25, 2024
By
The Admiral Staff
Floods are a common and costly natural disaster in the U.S., with even a small amount of water causing over $25,000 in damage. Flood insurance, primarily backed by the federal government, is crucial but averages around $888 annually. Coverage is required for homes with government-backed mortgages in high-risk areas and offered through the National Flood Insurance Program (NFIP) and private companies. Factors like location, home construction, coverage amounts, and deductible choices impact
May 15, 2024
By
The Admiral Staff
Elevating a house in a flood zone can cost between $10,000 and $100,000, potentially reducing flood insurance premiums by 30-60% and increasing resale value by up to 25%. While initial costs can be significant – ranging from $10-$30 per square foot to simply elevate, or $20-$80 per square foot including foundation replacement – homeowners may be eligible for FEMA loans up to $30
April 6, 2024
By
The Admiral Staff
Homeowners insurance companies often view trampolines as high-risk due to the significant number of injuries they cause, with over a million emergency room visits reported between 2002 and 2011. Coverage varies widely – some policies exclude trampolines entirely, while others may require safety netting. Failure to disclose a trampoline to your insurer can lead to policy cancellation and a damaged insurance score. If you choose to have one, experts recommend informing your insurer, increasing liability coverage (potentially with an
