What You Need to Know About Flood Zones When Buying a Home in Miami

When you’re looking to buy a home in Miami, one of the first things you should check is the flood zone of the property. Flood zones are areas that are more likely to experience flooding, and they’re important to know about because they can affect your insurance rates and your ability to get a mortgage. 

While it’s important to look for flooding risks in your neighborhood – proximity to canals, for example – that’s not really what we’re talking about here. It’s checking what zone a property is in before you make an offer. 

Buying a Home in a Flood Zone

If you’re looking at homes in a flood zone, it’s important to talk to your insurance agent and lender to see what kind of impact it will have on your rates and payments. You may need to get flood insurance, and will likely want to even if it’s not required (if your lender doesn’t say you have to, it’s usually pretty cheap). If you’re not sure what flood zone your home is in, you can check the FEMA website or ask your real estate agent.

There are three ranges for flood zones — high-risk, moderate-risk, and low-risk. It’s important to research each area and determine what risk level you are comfortable with.

If you want to look up a property’s FEMA Flood Zone, click here.

What Each Flood Zone Means

Each flood zone indicates the probability of flooding in a certain area. The zones are determined by factors such as the area’s elevation, its proximity to waterways, and its past history of flooding. 

What to Know About Flood Insurance

If you live in a flood zone, chances are you will be required to purchase flood insurance. The amount of coverage you will need depends on a number of factors, including the value of your home, the likelihood of flooding in your area, and your personal preferences. However, it is important to remember that flood insurance is not  covered by standard homeowners insurance policies, so if you live in an area that is prone to flooding, you will likely need to purchase a separate policy (but your insurance agent will be able to help with that). 

If you are in the market for buying or selling a home and flood zones are an important factor in your search, please don’t hesitate to reach out. We are more than happy to accommodate and find you properties that meet your requirements.