Why Appraisal Reports Have Flood Maps

Aug 14, 2018 | Published by Leave your thoughts

The devastation brought on by Hurricane Sandy is going to cost the government billions. From restoring power to rescheduling most major flights, not to mention the personal loss of people’s homes and belongings — all this is a big undertaking.

Many residents of homes in flood prone zones don’t always take the necessary precautions when it comes to living in a high-risk home. Of course, no one wants to consider the worst, but as we have all seen, floods are a real threat.

So going forward, especially for home owners in coastal regions, what can home buyers and sellers do when it comes to real estate appraisals and flooding dangers? Can an appraiser help you save your belongings?

Make Sure Your Appraisal Report Contains A Flood Map.

The governmental organization FEMA is responsible for issuing and maintaining flood maps. Homeowners can buy flood insurance to protect themselves against damages during floods, like Hurricane Katrina or Hurricane Sandy.

Local communities work in accordance with the federal government to create flood plans and provide insurance for residents. Flood Insurance Rate Maps (FIRMs) were created to go alongside the larger plans of flood reduction, plans and community support.

FEMA is responsible for managing the flood mapping of the entire program. The maps showcase flood zone information for every county that participates in the program. Check out he FEMA’s website to see what we mean.

A flood zone map helps an appraiser determine what the risks associated with the property are. Both the property owner and appraiser can see where flood zones are and high how a building should be when built in a flood zone.

Homes that were constructed before flood zones elevations were established and made public face a greater risk than newer homes. Those homes will come with a heftier insurance price tag.

Appraisers always investigate flood possibility in their own reports using comparable resources and coastal maps; however, the flood map report from FEMA is a great resource to help determine risk. This way, you know if you are in any danger and what kind of insurance you can expect to pay on your new home.

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This post was written by Joseph Castaneda

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