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Residential Real Estate Flood Risk
Floods happen everywhere and can cause significant damage to real estate properties. One-quarter of all flood insurance claims come from homes outside a designated flood zone. Even an inch of water above your floor can have devastating results for your home and its contents.
FEMA has reevaluated flood risks across the nation and have redrawn flood risk maps. Home owners, property owners, landlords, property managers and property management companies can determine the level of flood risk and potential damage to their real estate property by answering these questions:
- Is your neighborhood in a designated flood zone?
- If you aren’t sure:
- Check with your city or county building authority, your insurance agent or your mortgage lender to see what flood risk exists.
- Floods maps are being redrawn nationwide by the Federal Emergency Management Agency.
- Consult your city or county building department to determine how the redrawing affects your property.
- You may be among those newly considered to be in a new flood zone.
- Everyone lives in a flood zone, but the risk varies.
- Contact the Federal Emergency Management Agency to find out if your community participates in the National Flood Insurance Program (NFIP).
- If your home is in a NFIP participating community, you are eligible to purchase flood insurance.
- Visit www.FloodSmart.gov to find out how to purchase flood insurance, estimate your premium and find an insurance agent serving your community.
- What is your home’s Base Flood Elevation (BFE)?
- The BFE is the elevation at which your home has a 1 percent chance of flooding annually.
- Refer to city or county building department records or your own property survey to determine the BFE, which is the equivalent of the elevation of your home’s lowest floor.
- If needed, hire a licensed surveyor to determine your BFE.
- Is your home in a Special Flood Hazard Area?
- Your city or county building authority should be able to identify the zone you live in and allow you to plan accordingly.
- Living in Zone A:
- The lowest floor of your home is likely below the base flood elevation.
- Your home is in proximity to a body of water that is subject to rising levels due to heavy rainfall or other factors.
- Living in Zone V:
- This typically applies to beachfront homes.
- These homes are vulnerable to not only rising waters, but also wind-driven waves.
- Floods maps are being redrawn nationwide by the Federal Emergency Management Agency.
- Consult your city or county building department to determine how the redrawing affects your property.
- You may be among those newly considered to be in a flood zone.
Source: Institute for Business & Home Safety
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. 7 Steps for Evaluating Flood Risk to Your Real Estate Property is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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