Did you know that floods are the most common and most destructive natural hazard? As floods are a concern anywhere it rains, it is important to know if your property is at risk. Whether you already own property or want to purchase real estate soon, flood risk is an important consideration.
Is your home at risk? Read on to find out if your real estate is located in a flood risk zone.
Determining Flood Risk
Determining flood risk is all about looking at the area’s flood map. You can find maps on a government website that show a flood zone. The land flood risk level is referred to as the flood zone.
By checking a map, you can also see base flood elevation, flood plain boundaries, and more. The elevation factor is an important consideration because it can predict how high water from a flood could rise. All of these traits factor into the risk of flooding on your property.
Besides checking online through FEMA, you can check with your local government office or the library to get this information. It is also important to speak with community officials to know if they help aim to reduce the risk of flooding by taking specific steps.
Don’t Rely on the Seller to Tell You
When a property is located in a flood risk zone, the homeowner is not always required to tell you. Some states don’t force homeowners to share flood history with potential buyers. This is why it is always important to do your own research about the property.
In some cases, homeowners must reveal leakage or flooding problems that occurred in the past. Some states that do require disclosure don’t necessarily require full transparency. This means some homeowners must disclose that their property is a flood risk zone, but don’t have to share any past damage.
Real estate professionals also don’t have to disclose this information in some states. You can ask them questions about the property about possible flooding, but, as previously stated, it is never a bad idea to have your own research completed.
Keep in mind that you may need to buy flood insurance if your property is at risk. You can find affordable flood insurance coverage.
Understand the Chance of a Flood
Anywhere it rains can flood a property that is a low or high risk of flooding. High-risk flood zones get listed as 25-, 50-, or 100-year flood zones. If your property is a 100-year flood zone, there is a one percent chance of a flood during any year.
Although this is a low percentage, the flood risk can change over time. This is why it is always a good idea to get flood insurance no matter the type of risk your property has.
Is Your Property at Risk?
If your property is at risk because of a flood zone, you may experience hard times when it rains. However, getting flood insurance can make those rainy days a little less stressful. By using this guide, you can figure out if your property is a flood risk and get coverage if necessary.
Without flood insurance, your finances could take a hit. Keep coming back for more articles on personal finance and more.