Why you might have to buy flood insurance

Photo: Seattle Municipal Archives

Is your property located in a flood zone?

According to the Federal Emergency Management Agency, the answer is yes. FEMA says all properties are in flood zones — it’s just a matter of whether that zone is considered low, medium or high risk.

There are two types of high-risk areas: special flood hazard areas and coastal high hazard areas.

FEMA says homes in special flood hazard areas have a 26% chance of experiencing a flood over the course of a 30-year mortgage. Coastal high hazard areas are subject to damage not just from floods but also from waves.

If you live in an area known for flooding, you might already be considering flood insurance. But if you have a mortgage, you might not have a choice. Your lender might require you to purchase this coverage. Learn why in my Mortgage-Calc.com article, Why you might have to buy flood insurance.

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