"Is my property in a floodplain?" This is a question that preoccupies homeowners and home buyers alike – and not just those near large bodies of water.

In fact, there are just over a dozen classifications of floodplain areas. This ranking, determined by the Federal Office for Disaster Protection and shown on special maps, is based on the estimated frequency of storms that will lead to floods in an area. Even if you may not live on the Gulf Coast (one of the US regions hardest hit by hurricanes), your property may still be part of an area that is classified as highly prone to flooding.

So how do you find out if your home is in a floodplain and what type of floodplain it is? The answer is on the card.

How do you find out if your property is in a floodplain?

Most houses in flood areas are near a body of water. However, regardless of your location, there are several ways you can find out the flood risk status of your home. "The best place to start is FEMA's Map Service Center," says Adam D'Annunzio, a real estate agent at Keller Williams, New Jersey selling properties in floodplain areas.

Simply enter the address of a property on the FEMA Flood Map Service Center website and a map showing the danger to the flood area will appear. Zones B, X, and C have the lowest risk, while high risk zones start with either an A or a V (V zones are coastal areas) on the map. Zone AE, for example, has a 1% chance of flooding every year, also known as the 100 year flood plain – a low risk of flooding.

As you look at the FEMA map, keep in mind that only part of your property – and possibly not your actual home – may be in the flood zone. Aside from FEMA and flood maps, other resources include databases of tax records and title searches; both indicate the flood risk of a property.

"You can also ask your insurance agent," says real estate agent and attorney Bruce Ailion by Atlantas Re / Max Town and Country.

Is the flood zone status of a property passed on to home shoppers?

While all states have property disclosure laws, the specific laws regarding the status of FEMA floodplains vary from state to state, says Johnny Harper, Owner of J and J Home Inspections in Nashville, TN. Federal law does not require disclosure of previous floods.

"However, full disclosure is certainly the ethical responsibility of the seller and the listing agent," says Harper.

As a buyer, you should research the property and flood maps or have your real estate agent checked to see if it is in a flood prone area. When you get funding, the mortgage lender will also investigate the most recent flood zones.

"If the property is in a flood plain, the mortgage lender will ask for flood insurance," says D'Annunzio.

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Flood maps are updated regularly based on new developments and FEMA-funded flood protection projects in a particular floodplain. So make sure you are working with the most up-to-date information from FEMA.

How much does flood insurance cost?

The federal government offers property owners subsidized flood insurance through the National Flood Insurance Program. The amount you pay for your policy is based on factors such as year of construction, building occupancy, number of floors, location of contents, flood risk, location of the lowest floor (in relation to the base flood level on a flood map), and your deductible.

The average cost of flood insurance through the NFIP is $ 700 per year. The amount you pay is of course based on the flood risk of your property and the location in the flood zone, as stated in the flood insurance tariff card. If you're in a high-risk area, flood insurance can be significantly more expensive, according to Harper – up to $ 6,000 a year.

Does the location in a floodplain affect the price of a home?

Whether you are a seller or a buyer, keep in mind that the price of a home is likely to be affected if it is in a floodplain.

"Sellers know that the cost of annual flood insurance can affect buyers' affordability," says D'Annunzio.

So when determining the price to sell the home, these additional costs are likely to be factored in. The property could also be considered less desirable by buyers if the risk of damage from future flooding is high. A highly motivated seller could therefore list the house below the market value.

Do you need flood insurance?

Did you know that most home contents insurance does not cover damage or other damage caused by flooding? Homes in high risk areas participating in the NFIP must purchase flood insurance. But if you live in a medium to low risk area inside or outside a flood plain, should you get flood insurance?

Flood zones are based on an estimate of the number of storms that will result in flooding in a year, but there is no guarantee that your area will be flooded. Still, you want to be covered in the event that something does happen.

If you're hesitant about getting flood insurance or not, ask yourself this question: Do you think the possibility of a flood – and the damage it brings – is worth the insurance premium? In some cases, flood insurance is cheaper than flood damage.

This is how you minimize your flood damage

If your home is in a floodplain, Harper recommends taking the following steps:

  • Elevate your stove, water heater, and electrical panels to protect them from possible flooding.
  • Keep rain drains and gutters clear of debris and install check valves (or one-way valves) to prevent flood water from flowing back into your drains.
  • Seal your basement walls with waterproofing materials.
  • Keep your valuables and legal documents on your upper floors.

The post Is my home in a flood zone? FEMA Flood Zone Map Info and more first appeared in Real Estate News & Insights | realtor.com®.

source https://seapointrealtors.com/2021/07/28/is-my-house-in-a-flood-zone-fema-flood-zone-map-info-and-more/

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