FEMA Reshapes The Landscape of Our Business...

About 8 years ago FEMA amended some of their flood maps here in Florida to include one of my rental houses in a flood zone.  I was able to pay a surveyor about $500 to file a petition to FEMA to have the flood map amended to exempt my property out of the flood zone.  It took about 6 months or so, but after that no more flood insurance required. 

Deb:  We have always had regulations in place as far as the 100 and 500 year flood plains have been concerned.  The lenders... both conventional, and FHA,VA require flood certifications, as we all know, to make sure the home being purchased (and financed) is not in the flood plain.  All FEMA has done... is re-measure exactly where the revised flood plains are.

All the the torrential rains and flooding that has happened over the past year has changed things.  And the government... FEMA, Obama, etc... really has not done anything to make things worse. FEMA is just following a law/regulation that has been in place.

If anything... many of the cuts to water conservation programs that have been made by the conservative congress, and conservative state Governors like Rick Perry in Texas... has made things worse.  You cannot cut programs designed to conserve and control water, and prevent flooding... in the name of reducing spending, and then complain when those cuts add to the horrible flooding that has taken place over the past year. 

My point here... it ain't FEMA that's the bad guy.  Mother Nature... and soil and water conservation and control programs being cut... bears much of the responsibility.

A major part of our job as Realtors is to act in our fiduciary capacity relative to our clients.  If the property they buy is now IN the new boundaries of the flood zone... they need to know. 

Deb:

I agree with Ask Jane, #44.  Your photo is great, it makes you seem approachable and charming.  We are talking about social media here.  The rules are different.   Sorry to break the chain of FEMA comments, but I had to put my 2 cents in.

As Joetta #40 pointed out above...why are they not told this before closing? 

Any property owner in a flood zone must secure a minimum flood policy benefit so the premiums are not costly. The chances of a flood damage is very remote and anybody that insures their property for more than the cost of replacing their structure is being unrealistic in my opinion. that's why they call it a 100-500 year flood.

I was unfortunately in a flood zone for over 30 years and just secured the minimum amount policy. Fortunately, we didn't experience any flooding but over 30 years of premiums were paid regardless. Now I don't pay for flood insurance and I'm keeping that premium payment in my wallet. 

Deb,

My acreage is on the south side of Houston, between Sims Bayou and Clear Creek waterways.  It is the highest land in the area, has never flooded but as surrounding areas have, that presents its own problems.  All the wildlife, including snakes head for our place in a flood.  Yep, as you could have guessed, I just got zoned into the 100 year plain.  Hurricane Ike dropped a huge tree and totaled the house and we didn't rebuild.  I will have to have it surveyed for an elevation certificate when I sell it. 

Yikes, that sounds like quite the big issue for your area and buyers and sellers.  Ouch. -Kasey

Deb, Great blog, full of info and very colorful.  A big problem here in Florida!

As with health care this is a way to increase the flow of money by forcing low risk home owners to buy insurance they probably won't ever file a claim against.

Deb, here at beautiful Lake of the Ozarks we are having a heck of a time with the flood plane maps.  So far, our office has only had one property which was actually in the flood zone and that was 3' of a 78' waterfront property.  It's a mess, but what do you do!

Deb,

I re-blogged your post because I felt it may be relevant in parts of North Carolina.   When the reblogging took place on my site, it was all jumbled up.  Here is my site:  www.dougpattersonblog.com  I don't know if others see it jumbled up with words running into and over each other. 

Well enough of that...

I thank you for this information. I was not aware of this as I imagine most colleagues are not.  I've always depended on an insurance friend of mine to check flood zones for my clients, becuase I guess I'm too dense to know where to get accurate information....and when I have found a site, it's usually not there later when I go back to it.  I always attributed that to "government"...but it's probably me.

So!  Thank YOU!  for this information!

Our family is heading back down to our North Carolina beaches, where we always go, beach front, right on the Atlantic.  I'm wondering if next year that home we usually rent, will be affordable?!

Spring Creek... Chiloquin, OR.  The last study was in 1984 and stopped about 1000 feet short of where Spring Creek flows into the Williamson.  To clarify, it was the Williamson River that is inside the study.  At the point where it ends, it is NOT a flood zone.  Because there hasn't been a study on Spring Creek, although there isn't an ice cube's chance in Hell that it would ever flood (it's a spring... ), homes on it are now considered in flood Zone A. 

Yes, we learned this the hard way when a previously never-need-flood-insurance area suddenly was needing a $5300/yr policy.  Needless to say, we lost that deal.

The seller is now in the final stages of acquiring the LOMA... Letter Of Map Amendment.  We might still be able to bring that buyer back...

If you are anywhere near water of any kind, it's well worth the $10-$20 for a flood certificate when you list the property.

Deb-Your information was timely and the comments added has certainly fleshed this subject out for me. Thanks for getting the ball rolling on this subject.