House partially located in floodway
I am looking to purchase a house partially located in a floodway. Insurance on this would be about $45 a month. Would this be a bad idea?
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Is it a buy and hold? What is your floodzone? has it flooded in the past? If it is a buy and hold know that investor coverage is different then owner occupied coverage if it is covered by FEMA. You are in texas so there may be some region specifics as well, maybe places where it flooded during your worst storm but never before. I wouldn't want to deal with tenants in a flood so flood insurance isn't the issue but whether it really floods. Check out floodsmart.gov for more info.