If you’re thinking about buying a home, you probably have a checklist of qualities you’re looking for as you shop around.
But have you considered how environmental factors could affect your choice? In the event your dream home is in an area that could be affected by flooding or a storm surge, you’ll have some additional factors to think about before you make your purchase.
Do your research. Seek information on the locations vulnerable to climate changes. Some of these regions are located in coastal areas. Climate changes have been linked to more severe weather events and rising sea levels, which increases the risk of frequent and major flooding. Even though there’s uncertainty as to how much sea levels could rise in the future, it’s still important that you know the risks. You can find more information on this subject on NASA’s global climate change website at climate.nasa.gov or by reviewing FEMA’s “Information for Policyholders” page at fema.gov.
Know your insurance options. Generally, homeowners insurance does not cover floods. This means you’ll want to look into coverage options (and the cost) if you’re relocating to an area susceptible to flooding. Many insurance companies participate in the National Flood Insurance Program (NFIP), which makes flood insurance available through a partnership with FEMA. Contact your homeowner’s insurance provider to learn more.
Tour the home with weather-related and environmental risks in mind. When you check out your potential home’s features, think about safety. Will the home be able to withstand severe weather? Specifically, is the home equipped with hurricane shutters? Do the windows have special impact-resistant glass? What about a storm cellar? Is the roof in good condition? Are there many trees on the property?
Take time now to estimate the potential financial impact of owning a home in an area affected by the risk of climate changes, and it may help you avoid unexpected expenses and stress later.
About 360 Financial Group
360 Financial Group, founded in 1990, provides a holistic approach to comprehensive wealth management as well as tax and accounting and investment management services. At 360 Financial Group, our MISSION is to be our clients’ primary advisor. We believe our knowledge, experience, and intuitive approach to tax and financial planning gives our clients the confidence they need to help them realize their dreams.
Registered Representative, Securities Offered Through Cambridge Investment Research. Inc., a Registered Broker-Dealer, Member FINRA, SIPC and Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. 360 Financial Group and Cambridge are not affiliated.
Cambridge Investment Group, Inc. is a privately-controlled firm with a national reach across the financial services industry consisting of multiple broker-dealers and RIAs, including Cambridge Investment Research Advisors, Inc. – a large corporate RIA; and Continuity Partners Group, LLC – a special purpose broker-dealer and registered investment advisor; and Cambridge Investment Research, Inc. – an independent broker-dealer, member FINRA/SIPC, that is among the largest privately-controlled independent broker-dealers in the country supporting approximately 3,000 independent financial professionals nationwide who serve their clients as registered representatives and investment advisor representatives, choosing to use either Cambridge’s firm Registered Investment Adviser or their own. For more information visit www.joincambridge.com.
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
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Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2017.