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Going through this in the POCONO Mountains right now, you heard right MOUNTAINS, I have a house 3 years no problem, I get a letter from the bank last month I need 2600 for insurance I am in a flood zone, what?????
So I call FEMA< they say get a survey elevation blah blah 1100, out of my pocket, not fair, the house has topography from the State and it says I am 22 feet above the closest water stream just off property 300 or so feet away, I am also 10-12 feet above a highway 4 lane highway 30 feet to the side of my house...Really FEMA...
The bank is protecting its interest if your home floods and you have no insurance. Even with state topography, you need a gps survey to clearly state your home is above elevation. Topographic maps are not accurate for every foot, they are just a general area.
Lenders check for flood zone in three different ways: appraisal, survey (if provided) and 3rd party flood service. We find that not only have some maps been redrawn, but the residents in the new flood zones are not notified. I recently had this happen, the borrower remembered someone saying something in the neighborhood, but when she heard nothing else, she figured they didn't know what they were talking about. I was her rude awakening. It turns out her property was in the flood zone, but the house was not. As others have explained, she ordered an Elevation Certificate and then filed for a LOMA and ultimately an insurance refund.
Finding out the home you are buying is in a flood zone after ratification and before closing has to be the absolute worse surprise you can experience.
NO, NO, NO!!! Flood insurance is available to EVERYONE regardless of flood hazard zone! (What would be the point of flood insurance it it was not available to those in the flood zone.) In addition, flood insurance is a federally-run program...the insurance companies are only the middlemen, you can't be "dropped".
For accurate information on flood insurance, go to the National Flood Insurance Program's website: [url=http://www.floodsmart.gov]Flood Insurance | Flood Maps | Flood Risk | FloodSmart[/url].
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Originally Posted by joeymarine
If the Realtor knows they are required to disclose it. You can find this information out very easily by going to the town and looking at the flood plain maps.
Even if a house isn't in a flood zone, but if it is in a flood prone area the bank may require you to have flood insurance. If you are paying cash, nothing is required. Also remember, if it is a flood prone area you may not be able to get flood insurance at all. Kind of a catch 22. I've heard of people in the Port Jervis area and Goddefroy area having those problems in Orange County and same thing in Livingston Manor in Sullivan County....some residents of those areas may be able to explain it better as they lived it directly.
I know a lot of people got dropped from their carriers over the last several years. Sometimes the bank will even send someone out to guarantee you are not in a flood plain, in fact I believe that's part of your title bill in a closing now.
Hope this helps!
~Joey
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