How can you tell if a home you’re interested in is in a flood zone? Here’s an easy way to find out!
FEMA, the Federal Emergency Management Agency, assesses the risk of flooding for each area of the United States. These areas, called “flood zones,” are given a risk level of high, medium or low.
To find out if a particular property is in a flood zone, visit the website of the National Flood Insurance Program at http://floodsmart.gov. Just enter the address of the property you’re interested in to learn risk in your area, to estimate flood insurance premiums and to find a flood insurance agent.
Federal law requires that a flood hazard determination must be completed on every loan application prior to closing. The lender makes the final decision as to whether the property location is actually in a special flood hazard area and, if it is, will require that flood insurance be purchased for the life of the loan.
Keep in mind that standard homeowners insurance policies do not cover flood insurance.
