Buying in a Flood Zone: What To Do

4/6/2022 (Permalink)

Remember that even homes outside of a flood zone can suffer from floods.

Flood Zones

Are you planning to buy a home in the Prescott, WI, area that falls within a flood zone? There are a few things you should do to prepare so you can better protect your finances and potentially your future property. Here are four steps to take to better inform yourself about flood zones and figure out if you really want to live in a high-risk area.

1. Estimate flood insurance costs. When you live at a location that has a high risk of flooding, it is very common for flood insurance to be required - sometimes by the federal government. Get a few quotes before you buy the home, and make sure to ask for any discounts that you may be eligible for. You will also want to ensure that federal coverage is not required.

2. Learn the home’s exact zone. Some areas of a flood zone are considered lower risk than others. Make sure to find the FEMA map for your area to know exactly what kind of risk you are dealing with. Additionally, your home may need to be re-categorized if it was mapped out a long time ago.

3. Get an elevation certificate. It is possible that an elevation certificate will be required if you purchase a home within a high-risk zone. Such a certificate can also help you further gauge the probability of a bad flood at or near your house.

4. Know your local remediation service. If you should suffer from a damaging flood, you will want professional help to have the best chance of restoring your property. Find out what your most trustworthy local storm damage service is so you have reliable cleanup aid in the event of a disaster.

If you are getting discouraged by the prospect of living in a high-risk area, remember that even homes outside of a flood zone can suffer from floods. After following the steps above, you will be better able to understand what you are getting into before making the serious commitment of home ownership.