Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Even if its not in the last few years many houses close to flood plain have been rechecked and changed. Alot of the old maps are really off alot.Ipersonally would buy in such a area if I didn't want or could afford the flood insurance.Where I live such a property would usually require a new survey when sold by the financing agency.It can make a ton pof difference in flood insurnce also as to cost.
Flood insurance is required whan a STRUCTURE is in a Special Flood Hazard Area, zone A or zone V. So, NO, at this time you would not be required by Federal law to carry flood insurance. Your lender could require you to buy it, if you agree to it in your loan agreement. In that case you would be eligible for the relatively cheap rates: zone X rates or probably even the Preferred Risk Program if there have been no or limited flood losses for that property.
- Keep in mind that FEMA is updating Flood Insurance Rate Maps. Perhaps the new map for your property WILL indicate the structure is in a SFHA, requiring flood insurance. Then you're screwed. Buyer beware. Flood insurance advice is available for a very reasonable fee at FloodQuoteAdvicedotcom.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
