There are all kinds of things that can create headaches for property owners. If you discover your property is anywhere in or near a flood zone, you can also click the “Get Instant Quote” button on the same page, where you can get a ballpark estimate on how much flood insurance is going to cost. Keep in mind that this information is advisory only and not the final determination of whether you're going to need flood insurance. Just search for the address of your property, and you'll see a map that looks something like this:Īs you can see, this site will give you a good idea as to whether your property lies within a high, moderate, or low-risk area. In some ways, I prefer this website over the FEMA maps because it has a more user-friendly look and feel. You can also use the Obie Risk Map and search for your property there. Here's an example of what these flood maps look like:Īnother way to search on the FEMA website is through the National Flood Hazard Layer (NFHL) Viewer, which will give you an interactive map. If you're dealing with a vacant lot that doesn't have a registered address, just find the nearest property with an address and search for that one. To get started, search for your property address on to access the nearest, most relevant flood map in the area. Luckily, there are a few fast and FREE ways to determine if your property is in a flood zone. This will give you a better idea of the cost of flood insurance for your specific situation. However, if you do need flood insurance, you can do a Google search for “flood insurance agents near me” and make a few phone calls. If flood insurance is something you (or any future owner) will have to pay on an ongoing basis, you should know about the issue BEFORE it's your problem to deal with. When flood insurance is required, it's almost like a second property tax bill the owner has to pay each year. I've seen flood insurance quotes that add several thousand dollars to the annual holding cost of some properties! It's something that wouldn't even be necessary for a property that isn't in a flood zone. In some cases, flood insurance can get very expensive. Keep in mind, the added cost of flood insurance isn't always huge, but it depends on the type of flood zone a property is located in. A property with an elevated flood risk can create a serious obstacle in the selling process. When most buyers find out they need flood insurance (and, more importantly, how much it can cost them), it can be a deal-breaker for them when they otherwise would've been happy to buy your property. Most lenders will require their borrowers to pay for flood insurance to mitigate that risk.Įven if you buy a property free and clear and don't purchase flood insurance, it will still most likely be a problem for the next owner. If your property is in a confirmed flood zone and you are borrowing money to buy the property, the short answer is yes.Įven if the risk is relatively small, a property at risk of flooding puts the lender's collateral at stake. RELATED: How to Identify (and Avoid) Wetlands Do I Need Flood Insurance? What's more, if you're buying land in a flood zone using some kind of financing (such as from a bank or a credit union), they may require you to pay for flood insurance. When a property is located in a confirmed flood plain, it can have a serious effect on the cost of property ownership, even if it doesn't flood. Simply understanding your situation is half the battle won: But regardless of how concerned you are about it, there are at least a few solid reasons to check whether your property is situated in (or anywhere near) a flood zone. So if there is ANY risk that your property is in a flood zone- is it really worth rolling the dice on this? Why Do Flood Zones Matter?įlooding may or may not end up hitting you where you live. Like most natural disasters, a flood can wipe out everything you own in a matter of seconds. But what if YOU are part of that dreaded statistic. It's an understandable bias, because statistically speaking, the average person will never have to deal with it. For most of us, the risk of losing everything in a flood is NOT something we lose sleep worrying about at night.įlooding disasters tend to be highly infrequent, once-in-a-lifetime events that happen to other people, right?
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