Flood insurance?

Question

A house we want to buy is in a flood zone that requires flood insurance. does this mean it will most likely flood?

Answer 1

It means there is a possibility. Of course there is a possibility ANY home/area can flood, but being in a flood zone does raise the risk.

Look at the property's documents, you can see how long the owner's have lived there (if they lived there for years, odds are nothing major), if they're new owners and want out already, eek. You can see how long it's been for sale, if there has been any damage/floods to the home...etc

That can't predict the future (anything can happen) But it can give you an idea on what to expect in the property and what has effected it already.

Answer 2

Not necessarily, check this out http://www.floodsmart.gov/floodsmart/pag...

Answer 3

It means that if there's a lot of rain/precipitation, the likelihood of it settling in your area is greater because you're in a flood zone. You may get water in the basement (if there is one) more often that a house on a hill, but it also depends on the quality and age of the house.

Answer 4

Not necessarily. Many houses in flood plains have never flooded.

It just means that someone has determined that the house has a higher chance of flooding.

Answer 5

It means most likely if there is flooding in that area, you MAY flood... Insurance companies care about the risk, not the will or won't because we all know that isn't possible to predict.  There are flood zones that could be outside the 100 yr. flood plain, but w/in the 500 yr. flood plain... And there could be property outside the 100 and the 500 year... Construction around your area can also effect land elevation and help or hurt your chances of flooding, if construction was done after the flood zone determination that wouldn't be a factor in the zone your in, so you could be better or worse off... Many flood insurance companies require a pricey zone determination report prior to writing which you have to get yourself from a survey company, on top of paying higher premiums... if you've got the money, and love the house don't let it stop you, just purchase the insurance and prepare yourself for the worst, if you can't afford it than i'd look elsewhere.

Answer 6

That means that it is within a so-called "100-year flood plain" as shown on the FEMA Flood Insurance Rate Map for the community.  That is supposed to represent a 1% statistical chance of experiencing a flood in any one year period.

Some areas within a "flood zone" never flood and some not within them DO.  No way to be sure.  It does mean, however, that the property has a higher-than-average chance of flooding.