What all homebuyers should know about flooding

It’s not hard to find out if the home you’re interested in buying is located in a flood zone. Simply ask your realtor, or visit the online Federal Emergency Management Agency (FEMA) Flood Map Service Center and enter the property’s address in the search bar. However, there are a few things to keep in mind before you decide whether to buy a particular home.

Flooding can happen anywhere
You don’t have to live in a designated flood zone for your home to be at risk of flooding. In fact, flooding can be the result of melting snow, burst pipes, tornadoes, hurricanes, construction issues, blocked storm drains, or problems with municipal sewer lines.

Maps don’t tell the whole story
Even if the home you want to buy isn’t in a designated flood zone, it might still be affected by seasonal changes to water levels in the area. Furthermore, these maps don’t necessarily account for trends driven by climate change such as rising sea levels and extreme rainfall.

Mortgage lenders may require flood insurance
If a property is in a FEMA flood zone that’s considered high-risk, homeowners may need to get flood insurance coverage before their lender agrees to grant them a mortgage. This is true of Fannie Mae, Freddie Mac, USDA, and VA loans.

If you’re applying for a non-government loan or the home is in a low-risk area, you probably won’t have to purchase flood insurance to secure a mortgage. Nonetheless, getting this type of coverage might be recommended.

The National Flood Insurance Program (NFIP), which is administered by FEMA, provides most residential flood coverage in the United States. In places where the NFIP is unavailable, homebuyers may be able to purchase flood insurance from a private insurer.

All homebuyers should be aware of the potential risks of flooding. The best approach is to do your research, ask pointed questions of the sellers and their neighbors, and spend time in the area. Additionally, working with a local realtor is a huge asset.