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Have you looked at the FEMA maps yourself? FEMA doesn’t use terms like Severe. You are probably in a Special Flood Hazard Area. (Zone AE) This means that FEMA thinks there’s a 1% chance of a flood. You will have to buy flood insurance. Find out how much the seller is paying and get them to agree to transfer their policy to you. That way you won’t have to get a new elevation certificate which could cost $1500. Or get a copy of their elevation certificate and then get a quote for the flood insurance. Al,ost all flood insurance is provided by the US Government. Your regular insurance provider sells it but they just sell you a policy through the national flood insurance program. So all companies that quote the national flood policy will give the same price. If you don’t have an elevation certificate, the price will be crazy expensive. I have a rental in a AE zone, my flood policy costs $1200/year with a $10,000 deductible.
I would not worry much about this impacting future sales although all things equal I would buy outside a flood zone if that was an option. Most people don’t even know they are buying in a flood zone until after they have made their offer.
As per FEMA map, I see- I/4th in AO, rest in D zone.
In the disclosures, it’s just say “AO”, insurance- yes needed.
The sellers don’t have an elevation certificate. The son who is making the deal on behalf of his father, doesn’t even know if they currently have the flood insurance.
I am checking with my lender..
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AO has 1% chance of shallow flooding. Usually under 3 feet. This is why the elevation certificate is important. If the house is elevated off the ground, like if you have to walk up steps to get to the front door then your costs will be lower. Flood insurance is not required for zone D. Since the property is mostly zone D, maybe the lender won’t require flood insurance. Is this a condo/townhouse or a Single family? If it’s a condo, maybe they have the elevation certificate. Additionally, in some counties the elevation certificates are publicly available if it’s newer construction and it was required for a building permit.
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If you have to get a flood policy and the seller won’t be helpful, you will probably want to get an elevation certificate. Your realtor or a good insurance agent should be able to help you find a surveyor to do the elevation certificate. The cost of my flood policy went from like $5000 to $1200 after I got the elevation certificate.
Many many thanks for sharing. Very insightful.
Very helpful MD1. We did not have a contingency to have time to get the surveyor. And the seller doesn’t have an elevation certificate. There are about 2 ft of steps to the front door.
I will likely pass the house, as it has been such a nightmare to deal with this seller and I feel only nervousness and no excitement.
Wondering if those first 2 steps of stairs could qualify for the required elevation..