When to take Flood Insurance for a property
I own Property in Dallas area and its flood factor in redfin changed from 4/10 to 6/10. Am worried now and thinking of adding flood insurance, what are the factors to consider weather to take one or not.
Hey @Suresh Patibandla - did you purchase the property in cash or was it financed? Typically if it's financed the bank will require flood insurance if it's in a flood zone area.
I would verify the flood factor directly through FEMA website as they have a pretty helpful map that's regularly updated.
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@Suresh Patibandla just google flood zone map. The first result should be the FEMA flood map website.
If you are in a flood zone, then you need flood insurance. Period.
Quote from @Mohammed Rahman:
Hey @Suresh Patibandla - did you purchase the property in cash or was it financed? Typically if it's financed the bank will require flood insurance if it's in a flood zone area.
I would verify the flood factor directly through FEMA website as they have a pretty helpful map that's regularly updated.
Thank you Mohammed for your time and response, bought with loan and my property is location in zone x says not required insurnace. Was worried about the REDFIN flood factor chnaged from 4 to 6, thats where i was revising the if insunace is needed
Quote from @Dave E.:Thank you Dave for teh response, My property is showing as below in FEMA.
@Suresh Patibandla just google flood zone map. The first result should be the FEMA flood map website.
If you are in a flood zone, then you need flood insurance. Period.
area with reduced flood risk due to levee zone x
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Your property is either in a flood plane or not, check your local map area. Flood planes affect ARV, have your realtor run comps on property that have sold in a flood plane.
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#2 Real Estate Agent Contributor
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#1 Don't trust Redwing, Zallow, or any of the online websites like this for anything. They're fun to look at, but really bad at providing advice on anything like flood insurance.
The authority is the FEMA maps #1.
#2 I would check with the person at planning and zoning in Dallas who is the flood zone expert. They have one, you just have to find them. Typically they are a wealth of information. Someone at FEMA might also help point you in the right direction.
#3 Your trusted insurance advisor.....and that is a real insurance advisor....not some online site like Hippo or Lemonaide.
Real estate is a team sport....a team of real people....too many people seem to want to rely on websites for their information and too often we just see that as disastrous on these forums.
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Suresh,
The FEMA flood zone is based on the FEMA determination of the likelihood of Flooding for that area. If you are in an X zone it does not mean you will not have a flood loss only that it is less likely than in an A or V zone. You should evaluate other factors to see if it makes sense to purchase flood on a property:
1. how close are you to an A or V flood zone. check out
https://msc.fema.gov and look up the flood map
2. Evaluate the hazard. Is it coastal, river or other. River flooding often impacts large areas that are not in the A & V zones.
3. Review recent history in the area. Have the flooding hazards been on the rise due to recent weather changes
With additional info you can make an informed decision on the future risk.