BUYING A HOUSE IN A FLOOD ZONE: PART ONE

Buying a house in a flood zone may sound really crazy. But, as long as you remain informed and prepared, there are some great properties to explore! A variety of incidences qualify as a “flood”, as well as areas labeled as a “flood zone”. In the rest of this article, we will explore:

• What are different types of “floods”
• Insurance and Technicalities
• Definition of a flood zone

DIFFERENT TYPES OF FLOODS

Image by Pete Linforth from Pixabay

Flooding can happen anywhere at any time. Perhaps that statement leaves you a bit confused? Let me explain. You do not have to live in a flood zone to have a flood. Floods and flooding can be caused by a variety of natural and manmade mishaps.

Naturally occurring floods come from unpredictable weather such as thunderstorms bringing several inches of rain in a short period of time or over a period of several days. A tornado coming through, a winter storm followed by a quick melt, hurricanes, and tropical storms.

Weather can produce unintended side effects such as a winter storm that shuts off the electricity which in turn heat is lost in the home; the pipes freeze, and then consequently burst. A huge weather system dumping rain so quickly that your local storm drains back up and pushes water onto your property flooding your basement.

Manmade flooding problems may come from your washer in the basement continuing to fill while you were gone and has now flooded your basement, a water heater burst, or poor plumbing connection. The kids playing in the upstairs bathroom tub letting the water continue to fill the tub. All these scenarios are just as unpredictable as nature, but a flood nonetheless.

INSURANCE AND TECHNICALITIES

Most typical home insurance policies cover situations caused by water damage that is “sudden and accidental”; for instance burst water pipes, leaky plumbing, a washer hoses that bursts, machine washer malfunction. Most of the damage done to a floor or a wall would be covered but not necessarily the item that caused the damage. That means the burst water heater may not be covered for replacement or a malfunctioning washing machine possibly wouldn’t be covered as well.

It is wise to sit down with your insurance agent and go over deductibles and coverage terms and limits. This will prevent any misunderstandings should a future “flood event” happen in or to your home.

GET IN THE ZONE

Image by Hans Braxmeier from Pixabay

FEMA defines a flood zone as:

“Flood hazard areas identified on the Flood Insurance Rate Map are identified as a Special Flood Hazard Area (SFHA). SFHA are defined as the area that will be inundated by the flood event having a 1-percent chance of being equaled or exceeded in any given year. The 1-percent annual chance flood is also referred to as the base flood or 100-year flood. SFHAs are labeled as Zone A, Zone AO, Zone AH, Zones A1-A30, Zone AE, Zone A99, Zone AR, Zone AR/AE, Zone AR/AO, Zone AR/A1-A30, Zone AR/A, Zone V, Zone VE, and Zones V1-V30. Moderate flood hazard areas, labeled Zone B or Zone X (shaded) are also shown on the FIRM, and are the areas between the limits of the base flood and the 0.2-percent-annual-chance (or 500-year) flood. The areas of minimal flood hazard, which are the areas outside the SFHA and higher than the elevation of the 0.2-percent-annual-chance flood, are labeled Zone C or Zone X (unshaded).”

–HTTPS://WWW.FEMA.GOV/GLOSSARY/FLOOD-ZONES

When considering a particular property you can do some pre-visit investigations when determining if that property is in a flood zone. Simply go to the FEMA website here and look up the property. You can request your own flood zone report here.

FEMA has produced a helpful flood hazard mapping document, you can access that here. NOTE: FEMA has not necessarily completed a flood study on ALL the states/counties/cities. Should you find that the property you’re considering does not have a flood study done, you can contact that property’s local city for possible further information.

UC Midwest Lifestyle Properties real estate agents strive to keep our clients informed on the entirety of the property they are considering purchasing. You can be assured we are trained and knowledgeable agents that deliver correct and timely information. Continue to part two of “Buying A House in A Flood Zone: Part Two”.