More FEMA Designated Flood Zones - Effective Date 01/20/2010 in my area!
As if we weren't having enough fun already in the industry, FEMA has altered flood zone locations across the country. Now I don't know about you, but the last transaction I had that required flood insurance nearly blew it out of the water, to the tune of $1,755 a year on top of the $515 the buyers were paying for home owner's insurance. And this was on a home selling for $126,000. $150+ a month is BIG NEWS to buyers at this level, and in their case they didn't know about the flood insurance going into the transaction (that's another story).
Here's chart for my local county. Below is an example of a map from the FEMA site. All pictures are linked to the original, and there is a link at the bottom to go to the FEMA map locater page itself so that you can find your specific area.
Now's the time to start that kayak business you've always wanted to open!
Gloucester County, NJ Listing of Communities Flood Map from FEMA (linked to map menu)
Example Map - Gloucester County NJ - Zoomed In (Linked to main search for Gloucester County, NJ)
Flood Map Locator
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I'm finding $1,700 to be about average. Some of my clients have paid a whole lot more!! Great information, thanks for the heads up and the link!
Laura you especially want this info! You guys have homes 10 feet above water, no? :)
Thanks for the info Steve. Will check out the mapping and see what is what is what up here. Last time they added to these maps my in laws had trouble.
Paddy - Thats not cool. Could you imagine and older couple or fixed income home owner having to move due to having huge flood insurance bills? Yes they need to be protected, just unfortunate.
Steve,
Thanks for the info. Kinda stinks when you have to buy flood insurance....but it feels great when you have flood insurance and have to use it.
Have a great day
Leander
Leander - Right on.
Hi Steve: I never run into flood zones here (2 in 15 years) but it's a good thing to keep an eye on.
:)