Buying a home can be an exciting time, but it's also a big responsibility. You get to walk through houses with dream kitchens, massive fireplaces and rolling yards. You might imagine raising a family there or celebrating holidays with loved ones, so the last thing on your mind is what could go wrong.
Some properties carry more risks than others, depending on their location. Flood zones are huge issues that sometimes keep homes from selling for years. Here's why homebuyers should be informed of flood zone risks before signing on the dotted line. Weigh each of these things against what interests you about a property so you know you're moving somewhere safe.
1. Zones Present Different Risk Levels
Homeowners, real estate professionals or insurance agents don't legally need to disclose if a home is in a flood zone. Make sure to ask about it early on in the homebuying process. Depending on the property, you might have more or less risk to consider.
It's important to understand zone classifications, which outline the odds of your property flooding within a hundred years. The classification of the house you're interested in could change the home insurance you get since some companies won't want to insure a risky property.
2. Flooding Will Disrupt Your Life
After a flood, your home isn't the only thing that gets damaged. While you may be able to pay for repairs with the help of flood insurance, you'll also likely have to replace or fix vehicles, property fixtures, and potentially pets or farm animals. Then there are long-term costs to consider, like fighting mold growth in drywall and insulation. You may want to move elsewhere if you know you couldn't cover these costs in case of an emergency.
3. Flooding Requires Specific Insurance
Homeowners insurance doesn't cover damages from floods, which can take some buyers by surprise. Most people rely on the National Flood Insurance Program to find the right policy because it partners with individual providers who can match you with the best plan for where you live.
4. Flood Insurance Could Be Mandatory
Risky zones may require flood insurance, which adds an additional expense for those homeowners. FEMA found that flood insurance policies average $700 each year, but could be more expensive for lower elevations. This could make some properties unlivable for buyers on a tighter budget.
Although it's an extra fee to pay for, you'll get assistance if you spot most kinds of water damage in your crawl space or the inside of your home. The longer this damage goes unnoticed, the more expensive repairs will become. It's safer to abide by mandatory flood insurance to keep your home safe if you can afford it.
5. Small Zones Are Possible
Flood zones can also take potential homeowners by surprise because they don't always cover the entire property. Sometimes only part of the yard or half of the house is in a risky zone, which complicates finding flood insurance. It could also prove that the property isn't at much of a risk, so you'd be safer there.
6. Weather Isn't the Only Risk
When you picture a flood, you most likely imagine a weather event causing it. Even when there isn't a thunderstorm or hurricane, properties in high-risk zones can still flood. Nearby rivers and clogged storm drains could also create a backup in your yard or under your house.
It's smart to research the area to see if these events often affect the property you're interested in.
Make Informed Decisions
As you learn about your potential future home, you can make informed decisions that help you in the long run. Ask about flood zone risks early in the home buying process so you can weigh the future flooding possibilities against things like your lifestyle and budget. It's the best way to ensure you move into your dream home, no matter where you want to live.
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