Portsmouth Va in flood zone

2 Replies

Okay, so I have my first property under contract. I have the inspection on Tuesday. I know it is in a flood zone for it has flood insurance.

The current flood insurance is about $150/month which totals $1800/year. I know this number will only go up over time. Unless the city does something drastically to change it. What are some of your experiences with a flood zone or flood insurance?? Is it worth the headache every time this area has a Nor'easter or a bad hurricane. Any advice is greatly appreciated. 

I personally would never invest in a property in a flood zone. I do even go further and don't invest in a property adjacent to a flood zone. Today's flood maps are often already outdated and more than a few people experience 100 year floods more often than they could care for.  You are right, insurance premiums have nowhere to go than upwards.

I have one place in a flood zone and it comes down to your risk tolerance.  I bought this place because it is on a crawl of over 4 feet high and the numbers were great.  I haven't had an issue in the 4 years I have had it.  The tenants have had to move their cars twice because of water.