Purchase Solid Insurance Coverage
Also take the time to talk to your insurance company about what kind of protection they can offer you.
Some insurance providers exclude flooding and other natural catastrophes from their contracts, so make sure you are well protected if you do decide to purchase a home in a flood zone. Some companies do sell policies that include flood coverage, but these are, of course, likely to be more expensive than regular insurance.
Sometimes, this difficulty is reflected in the property’s listing price. This may thereby still be a worthwhile real estate acquisition, despite the high insurance costs.
The Cottage: A Sound Investment
As you read this, you may be wondering about cottages, often close to a body of water, and very desirable for this reason. Indeed, this type of property remains a brilliant investment as there are a great number of people on the look out for a getaway surrounded by nature. You will therefore have no difficulty reselling it, at a profit, if you eventually decide to do so.
Certain points, however, must be checked to ensure you are making an informed purchase. For example, is the cottage elevated in relation to the water? Is it at the far end of the lot or on stilts? These are the right questions to ask to correctly evaluate the flood risk.