Many people think that if they don't live near a river, lake, or the coasts, the flood risks is basically not there however this is a far from true. It's important that you know what type of flood zone your property is in because even though it's nowhere near body of water, flood may still be a threat to the property's value and worth. When there's heavy rains, how much flood do you think your zone will get?
It's important to know and determine the risks on the area where you currently live. Our homes are basically one of our most important needs in life, a huge investment, and it would be a tragedy if we lose it or even lower its value because "we didn't know".
The Flood Insurance Guru podcast has the goal to inform and educate you by answering your questions about flood, and why it's important to know the types of Flood Zones from low risks to special flood hazard zones outside and along the coast giving you the best guide on flood mitigation.
In this episode of the Flood Insurance Guru podcast we'll cover the different types of Flood Zones on the flood map, what should property owners do if they live in these areas, and understanding how these flood zones differ for your own safety, security, and wallet.
Flood Zone X
The first zone you should know is Flood Zone X, also known as your minimum risk zone. This simply means that flood insurance generally isn't required since the probability of a flood or risk of flooding, and impact a building or property in such zones is much lower than other flood zones. However it's important to remember that 30% of flood claims do come from the homes in Flood Zone X.
Flood Zone A
Let's say you move into someplace else and the property or building is marked as moderate to high risk flood zones. Flood insurance is mandatory in areas under Flood Zone A on property(s) with mortgage or any additional interests in the property or building. Another important thing you should remember about Flood Zone A is that its base flood elevation isn't determined yet many times. This makes it a challenge for flood zone changes and flood maps since there's no assurance where the base flood elevation starts. You might wake up one day with your kid's teddy bear soaked under 3-feet of floodwater... or maybe not.
In this case, do keep in mind that when someone tells you to give your house an elevation certificate or you need flood vents for your home, you should always think carefully multiple times if you're standing on Flood Zone A; you wouldn't want your wallet drained of money.
Flood Zone AE
Lastly, the area where lifeboats should also be considered a necessity. This zone has the highest risk when it comes to flood zones outside of the coasts and is also known as a 100-year flood zone. Since Flood Zone AE has a 0.2% to 1% flood threat at any given month and/or year as it's getting closer to the coast. Like Flood Zone A, this zone also requires and mandates that a property must have a flood insurance in place especially when there's mortgage and/or any additional interests. You don't have to worry since you have options in getting your flood insurance to secure your property values: the National Flood Insurance Program (NFIP) or through private market (private flood insurance). Tune in to know more about these two and how they work.
Not being aware that you're moving into a special flood hazard area can cause immeasurable headache for your bank as flood insurance will be required no matter what, and when someone tells you to give your house an elevation certificate, you should probably consider getting one with some flood vents if possible.
It's important that we always keep in mind that a natural disaster like flooding come without prior notice. That's why being well-prepared through knowing where your property stands when it comes to risk of flooding, flood education and awareness beats the alternative any day.
Remember, we have an educational background in flood mitigation. So we're here to help you learn more about flood insurance, flood risks, and mitigating your property long term by answering your questions about flood. Feel free to call us for flood consulting, watch our educational flood videos, and check with us by clicking the links below: