HEY! thanks for checking out this video about Flood Zones. My name is Ashley Jurney and I am a realtor with Town Realty in Charlottesville Virginia and we want to help YOU move smarter… You can learn more about us by visiting our website TOWNCVILLE.COM.
Does being in a flood zone affect a home’s price?
Whether you’re a seller or a buyer, keep in mind that a home’s price is likely to be affected if it is in a flood plain. Sellers know the cost of yearly flood insurance could affect what buyers can afford.
So when the home is priced to sell, they will probably take those extra expenses into account. The property could also be seen by buyers as less desirable if the risk of damage from future flooding is high. So a highly motivated seller might list the home lower than the market value.
Do you need flood insurance?
Did you know that most home insurance policies don’t cover damage or other losses caused by flooding? Homes in high-risk areas that participate in the NFIP are required to purchase flood insurance. But if you live in a moderate- to low-risk area within or just outside a floodplain, should you buy flood insurance?
Flood zones are based on an estimation of the number of storms that will cause flooding in a year, but there’s no guarantee that your area will flood. Still, you want to be covered in the event that something does happen. If you’re wavering between buying and not buying flood insurance, ask yourself this question: Do you think the possibility of flooding—and the damage associated with it—is worth the insurance premium? In some cases, having flood insurance is less expensive than the losses from a flood.
Here are some tips on how to minimize your flood losses:
1. Elevate your furnace, water heater, and electric panels to protect them from possible floodwaters.
2. Keep storm drains and gutters free of debris, and install check valves (or one-way valves) to keep floodwater from backing into your drains.
3. Seal your basement walls with waterproofing materials.
4. Store your valuables and legal documents on your upper floors.
Alright, so as you can see flood zones are no joke so make sure you have a trusted real estate agent to help you find the right house and discuss potential flood risks with!
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