Ask anyone considering buying or selling a home about flood zones and what they mean, and you’re likely to get a variety of answers. A common misconception is that homes that lie within the “100-year flood zone” are expected to flood only once every 100 years. The same holds true for the ones in the “500-year flood zone”. This is simply not the case!
Flood zones are areas that indicate the level of flood risk or flood hazard for a particular location. With some of our area having been affected by Hurricane Harvey and others by the Memorial Day and Tax Day floods, this is an area of great importance when looking to buy or sell a home.
In the highest-risk flood zones, congress has mandated federally regulated or insured lenders to require flood insurance on mortgaged properties. Outside of these areas, homeowners still have the ability to purchase flood insurance policies at a regulated rate, and mortgage lenders may still require coverage.
I would be remiss to leave out that flood risks and zones are constantly changing. Modifications to the landscape; whether it be new construction or tear-downs, and rebuilding of older properties, all adjust how water flows, drains, and collects. Due to these changes, homes that were once in a lower-risk flood zone previously may now be in a higher risk zone; and vice-versa.
Understanding the terms and reading the maps is one thing, but at Beth Ferester & Company Realtors, we do not stop there! There are a number of tools and resources we utilize to provide the most current and accurate flood information available to our clients.
Please give us a call at 281-367-4000, if you have any questions about flood zones and potential flood risks.