HOW DO I KNOW IF I NEED FLOOD INSURANCE?

How do I know if I need flood insurance?  Not one of the things you normally put on your checklist for a property you are interested in buying, but one that should be prowling around in the back of your mind.  

The National Flood Insurance Program indicates that more than 20% of claims made on flood insurance are from properties classified as "low risk". 

Here are a few things to know that could save you thousands of dollars in unanticipated flood insurance premiums.

1. The Federal Emergency Management Agency (FEMA) has created a flood plain map of all the properties in the United States.  When looking to purchase a property you will want to ask what "zone" your potential purchase has been designated.  "Zone A" or "Zone B" means that the property lies in an area prone to flooding.

2. Check with your local county property assessor's office and request to view the official list of parcels that fall in the "Zone A" or "Zone B" flood risk category.  Any property listed as a high-flood risk requires the owner to purchase flood insurance. 

3. Walk your potential property to determine if water run off could flow onto the property during a storm.  Homes located on hillsides could also be prone to landslides or mudslides in the event of a severe storm as water cascades downhill.

4. Ask for an "elevation certificate" for the property.  Is the property situated above a predetermined grade that will provide you protection from flood waters?  

5. Check with neighbors to the property you are interested in for information pertaining to flood history.  

6.  Check with your insurance provider who issues your basic homeowner policy.  Ask the agent to visit the home in person to help you assess the need for coverage and the amount of coverage and type you will need, i.e., flood insurance.

Asking a few questions in the beginning may save you thousands of dollars and untold heartache.  Being proactive is your first line in protecting your family from the destruction associated with flooding.