Should we be aware of Flood Insurance

[Mike Ault]

Entire Indian reservations were not covered by FEMA flood maps years ago.

Lots of "no participation" communities in my service area. There's no FEMA elevation assessment to determine the base flood hazard area, so no way for private insurers to assess the risk.

 

[RSW]

I do not believe it covers 100% of the damage, only what the policy limits are.

You are correct. The maximum coverage is $250,000 for structure damage and $100,000 for contents.

 

[David S]

When my subject property is located within a designated flood hazard area, I do purposefully have at least two comparable sales with similar locational influence. I don't check for flood insurance, though. Not even sure how you'd do that for comps?

What does your similar location mean? Those two comparable are within flood zone too or very close to the subject? like 0.1 or 0.2 miles?

 

[alebrewer]

What does your similar location mean? Those two comparable are within flood zone too or very close to the subject? like 0.1 or 0.2 miles?

Most of my market is more rural. I meant that I like to have comps in the flood zone to quantity any market reaction.

 

[Carnivore]

You can find matched pairs anywhere and instead of a dollar amount convert the dollar amount to a percentage and apply it that way.

 

[alebrewer]

You can find matched pairs anywhere and instead of a dollar amount convert the dollar amount to a percentage and apply it that way.

so long as it's the same general price point, I've done that as well. Usually not too difficult to find sales in a flood zone, though - if you have at least 2 monitors.

 

[David S]

Most of my market is more rural. I meant that I like to have comps in the flood zone to quantity any market reaction.

The question is how to search the comps by flood zone? Does MLS or or public database have that option? Or you manually check it out by flood map?

 

[Mike Ault]

The question is how to search the comps by flood zone? Does MLS or or public database have that option? Or you manually check it out by flood map?

Some MLS's make it easy. This is FlexMLS in Amarillo Texas. The flood zone is one of the "overlays".

 

[alebrewer]

The question is how to search the comps by flood zone? Does MLS or or public database have that option? Or you manually check it out by flood map?

Yep - I just use the map feature in MLS and have a FEMA flood map pulled up on an alternate monitor. It's a breeze once you've done it a couple of times.

 

[Terrel L. Shields]

The flood zone is one of the "overlays".

You mean it actually rains in Amarillo? I thought it either is drought or a flood.

With Hurricane Helene I am thinking a lot of flood maps will need a new update. And definitely those older dams do need some serious review of their flood routing plans. They are obviously under-engineering the emergency spillways.