Category Archives: Flood Info

Facts about Flood Insurance

We all know the chances of a flood are usually slim, but if it does happen the effects can be devistating. So making sure you are covered correctly will help ease this possibility.

To see if your home is in a flood zone click HERE.

Flood_InsuranceIf you don’t carry adequate flood insurance and you have a mortgage your lender will give you what is called FORCED PLACED insurance. Which is usually much more expensive then you would find on your own.

Secondly, flood insurance is flood insurance. There is NO shopping around for flood insurance. FEMA regulates flood insurance and its costs. Agents simply are the distributors of the policies. However, your insurance could vary in cost IF and only if the agent providing you the flood insurance quote makes a mistake in inputting the information therefore, affecting the rating adversely.

Below are the lists of things needed to get adequate flood insurance.

1.) An up to date, signed survey, with an elevation certification from a licensed professional (engineer, surveyor, architect) on the most recent FEMA form dated as of Jan 1, 2007.

2.) 2 dated photographs of the home both front and back within 90 days of requesting coverage.

Definitions of FEMA Flood Zone Designations

ZONE

DESCRIPTION

B, C, and X

Areas outside the 1-percent annual chance floodplain, areas of 1% annual chance sheet flow flooding where average depths are less than 1 foot, areas of 1% annual chance stream flooding where the contributing drainage area is less than 1 square mile, or areas protected from the 1% annual chance flood by levees. No Base Flood Elevations or depths are shown within this zone. Insurance purchase is NOT required in these zones.

ZONE

DESCRIPTION

A

Areas with a 1% annual chance of flooding and a 26% chance of flooding over the life of a 30-year mortgage. Because detailed analyses are not performed for such areas; no depths or base flood elevations are shown within these zones.

AE, A1-A30

Areas with a 1% annual chance of flooding and a 26% chance of flooding over the life of a 30-year mortgage. In most instances, base flood elevations derived from detailed analyses are shown at selected intervals within these zones.

AH

Areas with a 1% annual chance of shallow flooding, usually in the form of a pond, with an average depth ranging from 1 to 3 feet. These areas have a 26% chance of flooding over the life of a 30-year mortgage. Base flood elevations derived from detailed analyses are shown at selected intervals within these zones.

AO

River or stream flood hazard areas, and areas with a 1% or greater chance of shallow flooding each year, usually in the form of sheet flow, with an average depth ranging from 1 to 3 feet. These areas have a 26% chance of flooding over the life of a 30-year mortgage. Average flood depths derived from detailed analyses are shown within these zones.

AR

Areas with a temporarily increased flood risk due to the building or restoration of a flood control system (such as a levee or a dam). Mandatory flood insurance purchase requirements will apply, but rates will not exceed the rates for unnumbered A zones if the structure is built or restored in compliance with Zone AR floodplain management regulations.

A99

Areas with a 1% annual chance of flooding that will be protected by a Federal flood control system where construction has reached specified legal requirements. No depths or base flood elevations are shown within these zones.
High Risk – Coastal Areas
In communities that participate in the NFIP,

mandatory flood insurance purchase

requirements apply to all of these zones:

ZONE

DESCRIPTION

V

Coastal areas with a 1% or greater chance of flooding and an additional hazard associated with storm waves. These areas have a 26% chance of flooding over the life of a 30-year mortgage. No base flood elevations are shown within these zones.

VE, V1 – 30

Coastal areas with a 1% or greater chance of flooding and an additional hazard associated with storm waves. These areas have a 26% chance of flooding over the life of a 30-year mortgage. Base flood elevations derived from detailed analyses are shown at selected intervals within these zones.

All Things Real Estate

Welcome to my blog,

james Schiller

I hope my blog finds you well, and becomes a helpful resource in your quest for real estate expertise. This blog will offer all the news and information needed regarding real estate, mortgage financing, and insurance news your heart could desire. SO, please enjoy and I look forward to hearing from you and helping you with any and everything real estate related. You may instant message me from any of the platforms you may use, but if I am not available that day just leave me message and I will gladly return it. 🙂

%d bloggers like this: