![]() Two Types of Flood Insurance Availableįirst, it’s important to note that standard homeowners insurance and renters insurance policies do not cover flooding. If you’re using a government-backed mortgage (this includes Federal Housing Administration (FHA), Veterans Affairs (VA) and United States Department of Agriculture (USDA) loans) for a property in a high-risk flood zone then you will be required to get flood insurance.įor 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. ![]() Some Properties Must Have Flood Insurance According to FEMA, despite their low- to moderate-risk, one in four flood claims occur in these areas.They’re not in immediate danger from flooding caused by overflowing bodies of water or hard rains. ![]() They’re considered low- to moderate-risk flood zones.These zones include B, C, X Pre- and Post-FIRM.Property in SFHAs must have flood insurance.The National Flood Insurance Program’s (NFIP’s) floodplain management regulations must be enforced in these areas.They have at least a one-in-four chance of flooding during a 30-year mortgage.These zones start with the letters A or V.During the span of a 30-year mortgage, these areas have at least a one-in-four chance of flooding.įEMA has designated two main types of flood areas: Special Flood Hazard Areas (SFHAs) and Non-Special Flood Hazard Area (NSFHA). This 1% chance flood is also known as the base flood or 100-year flood. Areas with a 1% chance or higher of flooding are considered high risk. The maps offer a risk calculation based on past events and flood patterns.Īccording to FEMA, there’s no such thing as a “no-risk zone,” but buyers can see how prone their property is to flooding using the flood maps. Homebuyers can check the Federal Emergency Management Agency (FEMA) website for the flood maps in their neighborhoods. Depending on the level of threat your property is exposed to-low-, moderate- or high-risk-you can face higher insurance premiums as well as potential damage to your home. All areas are prone to flooding, but some are at higher risk than others.
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