3 Things To Do Before Buying a Home in a Flood Zone

5/26/2022 (Permalink)

If your dream home is in a flood zone, you don't have to give up. Consider the risk and potential additional costs when deciding whether to bid.

Three Things To Consider Before Purchasing A Home In A Flood Zone

Buying a home is an exciting process. You see so many and finally find your dream home in Virginia Gardens, FL. The realtor said it's in an area prone to floods. Before you write it off as a no-go, here are three things to do before buying a home in a flood zone.

1. Understand Your Flood Zone Risk

There are different categories of flood risk. Do some research on your own to understand the different zones and associated risks for the home you hope to buy. Once you know that, consider some options. Could you mitigate the flood risk by landscaping differently, installing drainage systems, or constructing flood barriers? Is the flood risk the same now as when the home was built? What future factors could change your risk? After answering these questions, decide if you are comfortable with that degree of risk before making an offer on the home.

2. Buy Insurance

When flooding is a significant risk factor, your insurance company may require a flood insurance rider on your homeowner's policy. In a low-risk area, however, you may not need it. As a precaution, purchase flood insurance if your home is in any type of flood-prone area. Your risk can change over time. It's better to be prepared than to wish you were.

3. Estimate Acceptable Repair Costs

If you've determined that the flood risk is reasonable and can add a rider to your insurance, the last step is to estimate repair costs. Imagine a storm came through Virginia Gardens, FL, and caused a historic flood. Contact a water damage restoration company and ask for an estimate of repairs to the basement or main living area. Find out how much would be covered by insurance and how much you would pay out of pocket. If the amount is acceptable, it's time to make an offer.

When your dream home is in a flood zone, you don't have to leave disappointed. Instead, consider the risk and potential extra costs when deciding to make an offer on the home.