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Flood Insurance for Low-Risk Areas?
Depending on the risk of flood, your lender may require you to purchase flood insurance. Flood zones vary from low-high in terms of risk. Moderate-to low-risk flood areas are designated with the letters B, C, and X on FEMA flood maps. In these areas, the risk of being flooded is much less likely but not impossible.
High-risk flood areas begin with the letters A or V on FEMA flood maps. These areas have the highest risk of flooding. If you own a property in a high-risk zone and have a federally backed mortgage, you are required to purchase flood insurance outside of a high-risk area depending on the property and its location. Here is a great tool to check a specific property address: https://msc.fema.gov/portal/home
If you find yourself wanting to buy a home in a low-moderate flood zone, be aware that flood risk can change over time due to weather patterns, land development, and erosion. It may make great sense to purchase flood insurance regardless of the current risk zone. One in three insurance claims comes from moderate-to low-risk flood areas, and you are five times more likely to have an insurance claim for flooding versus fire.
During the “atmospheric river” we had in Whatcom County in 2021, I had clients in high-risk zones that were standing in 4-feet of water and had to completely remodel using flood insurance. I also had clients in low-risk areas that experienced less significant flooding in their homes due to runoff, but were not able to make a claim as they did not hold a flood insurance policy. I always encourage my clients to inquire about flood insurance no matter the flood zone in which they buy.
Feel free to get in touch with me for financing help, and any questions you have about flood zones.
(360) 937-0961
Proudly serving the great people of Bellingham, Ferndale, Lynden, Blaine, and Whatcom County, WA
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Bellingham Office
RE/MAX Whatcom County, Inc.
913 Lakeway Drive
Bellingham, WA 98229
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