Flood Zones - Can you Elevate your Home?

Yesterday, I wrote about flood zones and coastal property while today I want to segue into elevating homes, if at all possible, above anticipated flood waters (as classified by National Flood Insurance Program-NFIP).  As Hurricane Earl bears down on the eastern side of the United States all coastal homes and properties gear up for the oncoming rain, wind (no not fire!) and huge ocean swells.  Understanding some basic flood elevation knowledge prior to talking with professionals is first and foremost especially if you are considering buying property along the coast.

By no means am I an expert but I do understand that with any home renovation or new home being built in a 'A' or 'V' flood zone (again check the FEMA flood insurance rate maps) means a greater expense for on-going flood insurance costs. The industry uses the term 'freeboard' which has to do with raising a home's lowest floor to above anticipated flood elevations by adding additional height to the structure (from 1-3 feet).  The purpose is for the building structure to survive a potential storm surge (based on a 100 year wave surge data,etc.) and ultimate flooding and destruction.

Since Federal Emergency Management Agency (FEMA) administers the NFIP (flood insurance program) any reduction in flood insurance cost is a benefit to the homeowner.  The savings over the long term helps to offset the building or renovation costs.  You get to enjoy a wonderful coastline property with reduced fear from flood damage.  By doing this you can expect to cut your annual flood insurance costs by up to 60% (with a 3' elevation).  So instead of $5000 a year cost in flood insurance, it may cost you $2000.  Based upon the flood zone you are in, a house renovation or a new building, over a 30 year mortgage time frame may result in savings of $20,000 to over $100,000 (based upon a $250,000 coverage for a home) in flood insurance costs.  This is a huge savings.  Always consult a licensed insurance agent who has dealt with coastal properties and can advise you well on flood insurance rates.
 
 
Again even before you head down this road you want a reputable civil engineer involved. Your real estate agent should be referring you along to get good advice here from a local company- one who knows your area and can give you an elevation certificate to establish how high your property is.  I've been fortunate to work with civil engineer, Joe Frisella, in South Kingstown who knows the South County coastline well and has assisted my client...here is a professional who knows his business -that's what you want. Especially when it comes to your on site waste disposal system in a flood zone.  Check around with other professionals in your geographic area to ensure you find an engineer your client will feel confident in.

Flood zones are part of Rhode Island's living experience and we all want to be prepared and insured properly.  Take the time to consider what is best for your property investment and your future living style.  Flood zones - can you elevate your home?
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RI Coastal and waterfront properties are my specialty, if you don't want to swim with the fishes, please give me, your RI Realtor with the sparkly red shoes, a call.