Here's you should know when buying a house in a flood zone: Via ForbesAdvisor
Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.There’s a saying: where it can rain, it can flood. So for homebuyers, the question shouldn’t be, “can my house flood?” Rather, you should be asking, “what is the flood risk?”
FEMA has designated two main types of flood areas: Special Flood Hazard Areas and Non-Special Flood Hazard Area .They have at least a one-in-four chance of flooding during a 30-year mortgage For buyers who purchase property outside of high-risk zones, lenders might still require flood insurance in order to secure a mortgage, even though it’s not federally mandated.First, it’s important to note that standard homeowners insurance and renters insurance policies do not cover flooding. You’ll have to get a separate flood insurance policy.
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