Waterfront Homes located in FEMA Flood Zones require flood insurance.
- Waterfront Lake House Owners: Revised FEMA Flood Zones May Result in Your Lender Requiring FEMA Flood Insurance
- The vast majority of homes located in a high-risk flood zone require flood insurance, whether or not they are federally insured. The FEMA flood zone map is used to determine if a property is located in a high-risk or low-risk flood area.
- The revised FEMA flood maps for the entire state of Michigan are being changed, which may affect your lender’s required amount of insurance (as well as its cost).
The “Flood Zone” is a technical term that refers to the location of land in relation to the Federal Emergency Management Agency’s Flood Insurance Rate Maps.
The “Flood Zone” is a technical term that refers to the location of land in relation to the Federal Emergency Management Agency’s Flood Insurance Rate Maps.
The FEMA Flood Insurance Rate Maps are used by the agency to determine if a property is located in a high-risk or low-risk flood area.
If you’re like most homeowners, you probably don’t know what these maps look like, so we’ve created them for you. Below are two examples: one shows how your property would be classified using current standards and another shows how it would be classified using proposed new standards (which will take effect on June 2).
The FEMA Flood Zone Map is used to determine if a property is located in a high-risk or low-risk flood area.
If you’re thinking about buying waterfront property or moving to Michigan, it’s important to understand the risk of flooding. The FEMA Flood Zone Map is used to determine if a property is located in a high-risk or low-risk flood area. If your home is in a high-risk flood zone and you own residential property worth more than $500,000, then you must purchase flood insurance through the National Flood Insurance Program (NFIP). If your home is in an NFIP low-risk zone, then purchasing flood insurance isn’t required but can be beneficial for homeowners who have coverage on their mortgages and other assets.
To find out if your property is within a designated flood zone click here.
Be Sure Your Home is Actually At-Risk.
For years, many homeowners have been left out-of-pocket when they received their annual Federal Emergency Management Agency (FEMA) letter informing them that their home was located in a high risk area for flooding or other natural disasters. As a result, many of these homeowners were forced to pay higher premiums than those who lived outside of these high risk areas because they were unable to purchase coverage from private insurers at affordable rates.
The majority of home owners can save money on their annual FEMA flood insurance premiums when they hire “Alpine Land Surveying, Inc.” to work on their behalf.
You may have been told by your current insurance provider that you are not required to purchase flood insurance, but that is not always the case. If you live in a low-lying area and have an elevation certificate filed with FEMA for your property, it’s likely that you will want to carry flood insurance on your home.
Alpine can help homeowners find their way through the maze of new rules. Their experienced technicians can help determine whether or not it’s necessary for your home to carry flood insurance. Alpine Land Surveying, Inc. has been helping homeowners navigate the ever-changing landscape of FEMA flood zone maps since 1988. Alpine understands how important it is for waterfront home owners to continue enjoying their lake homes without interruption while also meeting their financial obligations. If you are interested in exploring your options before additional properties in the area are evaluated by FEMA officials, contact Alpine here.
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