Finding your dream home can be so exciting, but what if that dream home is located in a flood zone? People purchase homes in flood zones all the time. Some of the most sought-after real estates are in flood zones. Here are few things to consider if you are looking to purchase a home in a flood zone.
What Type of Zone?
FEMA rates flood zones by risk factors. You will need to do your own research in order to learn all about the type of flood zone the home is located in. Some flood zones are at higher risk than others, and this will be reflected in the flood insurance you can purchase.
How Old is the Home?
The older a home is, the more at risk it will be during a flood. The Slocum Agency, Inc. in Warwick, RI can help you navigate the risk factors that your particular home has depending on how old it is and what flood zone it is located in.
Don’t Be Fooled
You may think that if a home is not required by law to have flood insurance, then there probably is not that much risk of flood. This is not the case. In many instances, a home is at great risk of flood, but flood insurance is not required. It is your responsibility as the homeowner or the home buyer to weigh out the risks involved and purchase the insurance that will best protect your investment.
Also, do not be surprised if over time the flood zone you are in evolves. The environment is always changing, and flood zones change as well. You should be open-minded to this possibility.
If you would like to learn more about flood insurance, call our friendly staff today at The Slocum Agency, Inc. serving Warwick, RI, and surrounding areas.