Rising concerns about flood insurance

Anyone involved in a real estate transactions should be aware of all applicable flood zones. Recent changes in the National Flood Insurance Program and new updated flood maps will have an impact land values.

The recent updates, on which flood insurance is based, have moved many properties to new hazard levels. Some properties for the first time are now considered to be in a floodplain. This  will require owners to purchase flood insurance. Because of the new rate structures for flood insurance there has been a significant increase in flood insurance premiums for homeowners.

Sellers need to be aware of the flood zone in which their property is located and disclose the information to purchasers. Failing to advise a purchaser could be considered fraudulent in some circumstances.

For more information check out the Flood Insurance Rate Maps at www.msc.fema.gov. You can see actual flood maps are available at www.floodmaps.fema.gov

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