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What should I know about buying in a flood zone?

By Bob Millaway, South Jersey Community Expert & REALTOR®

If the property is in a FEMA-designated flood zone, you will be required to carry flood insurance, which costs $700 to $2,000 or more per year depending on risk level. Check the FEMA flood map for the property. Ask about past flooding history from the seller and your insurance agent. Flood damage is not covered by standard homeowner's insurance. Some flood-prone South Jersey areas may also have higher elevation requirements.

Why It Matters

Flood insurance adds a significant ongoing cost and flood risk can affect resale value. Knowing the flood zone status before making an offer is essential.

Related Questions

What should I look for during an open house? How much should I save for a down payment? What are closing costs and how much are they? What loan options are available for first-time buyers? What questions should I ask my real estate agent when buying?

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