Flood Zone or not

[Indiana Jones]

Subject is in X500 zone, so am I suposed to check 'yes' or 'no' on the URAR?

FEMA's definition of Zone X500 is:


Zone X500 :The same description as Zone X, however, this area falls between the 100 and 500-year flood zone.


Zone X: These areas have been identified in the community flood insurance study as areas of moderate or minimal hazard from the principal source of flood in the area. However, buildings in these zones could be flooded by severe, concentrated rainfall coupled with inadequate local drainage systems. Local storm water drainage systems are not normally considered in the community's FIS. The failure of a local drainage system creates areas of high flood risk within these rate zones. Flood insurance is available in participating communities, but is not required by regulation in these zones.

 

[Robert Dunkle]

Subject is in X500 zone, so am I suposed to check 'yes' or 'no' on the URAR?

FEMA's definition of Zone X500 is:


Zone X500 :The same description as Zone X, however, this area falls between the 100 and 500-year flood zone.


Zone X: These areas have been identified in the community flood insurance study as areas of moderate or minimal hazard from the principal source of flood in the area. However, buildings in these zones could be flooded by severe, concentrated rainfall coupled with inadequate local drainage systems. Local storm water drainage systems are not normally considered in the community's FIS. The failure of a local drainage system creates areas of high flood risk within these rate zones. Flood insurance is available in participating communities, but is not required by regulation in these zones.

FEMA does not consider X shaded to be a "Special Flood Hazard Area" as asked about on the FNMA forms. Report what it is, check the No box, but I always further explain what the X shaded designation involves and recommend that the client utilize a service for that purpose...all of my clients do, anyway. Don't fret about it, just tell them what it is and go on. I, always, try to get my comps from a similarly affected area. We have several entire towns in our area that are X shaded.

 

[alex gilbert]

I'd check "no" because this flood zone does not require mandatatory flood insurance. Typically "yes" is reserved for any Zone A or V designations.

Check these links for more info:

http://fafds.floodcert.com/images/main/Flood Zone Designations - Lenders.pdf

http://www.FEMA.gov/plan/prevent/fhm/fq_gen13.shtm

 

[Indiana Jones]

Thanks so much.

 

[Otis Key]

Wouldn't it be nice if a FEMA map seminar was a required course for licensure? I took one more than 20 years ago and it sure helps when the LO's & MB's start in on me.

 

[Elliott]

I heard a FEMA public service ad that was explaning
how a "one in a hundred year flood plain meant that
in the life of a 30 year mortgage there would be a
30% chance of the house being in a flood.

I'd never thought about it like that, scary.

Elliott

 

[Ray Miller]

I think you will find the 500 means a flood every 500 years. At least that is what I was told. So they don't consider it a flood zone unless you are there on the year it becomes five hundred since the last 500 year flood. Might be tomorrow who knows. That thing from space they keep telling us about might be today. that is going to wipe out everyone but MB/LO's. Who knows?

 

[CANative]

That thing from space they keep telling us about might be today. that is going to wipe out everyone but MB/LO's.

You forgot to add cockroaches and Keith Richards.

 

[Jack Brumwell]

We always document the Flood Map information and then disclaim that a survey by a licensed bonded surveryor would be required to verify the flood zone information.

 

[murray stroupe]

re ;risky

I heard a FEMA public service ad that was explaning
how a "one in a hundred year flood plain meant that
in the life of a 30 year mortgage there would be a
30% chance of the house being in a flood.

I'd never thought about it like that, scary.

Elliott

==============
Even though it also means 70% chance of NO flood ,too risky for me.

Asked a USDA man who had a nice set of 100 year flood maps, about a 500 year flood map this year ;
he said they dont figure on a 500 year flood.Think some agency does for sure;
i heard at least 1or 2 floods in past 200 years on Miss river reached or exceeded 500 year.

Also interesting he said they adjust the 100 year flood map every so often [ measured in years];
developer pressure to do so.