Who Opened the Flood Gates?

What You Need to Know About Flood Plains

A flood plain is an area of land prone to flooding. However, contrary to popular belief, they don't necessarily have to be located near a river or stream. Flood plains are created under many different circumstances. Because of this, you need to make sure to ask questions and check if your new property is located in a flood plain. 

Who Cares?

Well as the owner of the home, you should care the most. You want to make sure that:

1) Your home does not flood and become damaged.

2) You want to ensure that you have the necessary flood insurance to cover any potential damage. 

What Should You Ask?

First of all, you want to know if it has ever flooded before. This is vital information to ensure that there is no impending damage. Prior damage to the property, if not corrected or repaired by a professional, can be dangerous as well as costly. 

You also want to know why the home is considered to be in a flood plain. This will assist in making the right decision for you as well as help you to determine what will be your next move. 

In regards to your next move, you should know that it is very possible to get certain homes rezoned out of a flood plain. Your first step will be to have a certified surveyor to inspect the property and issue an Elevation Certificate. This certificate is then submitted to FEMA to receive a Letter of Map Amendment (LOMA). 

Flood Insurance?

Flood insurance will be a necessity throughout this entire process. It is actually mandatory to acquire prior to purchasing a property located in a flood plain. Most mortgage lenders require proof prior to closing. Flood insurance can be purchased from any insurance company providing  your standard home insurance. Costs for flood insurance are a standard rate regulated by the government. This will also save you time knowing that you will not need to shop around. 

Be sure to keep all of these points in mind when purchasing a new home! This will also be important information to research prior to selling your home so that you are prepared for any questions from a potential buyer.