Such assistance is only available when there is an official presidential disaster declaration.įlooding can happen anywhere and at any time. In the event of flood, federal disaster assistance such as FEMA, including federally funded grants or loans from the US Small business administration, offers very limited help following a flood loss. If a property is in a special flood hazard area or high risk flood area, then lenders must require the buyer to purchase flood insurance as a condition of their mortgage loan.įlood insurance can help with recovery regardless of whether there is a presidential disaster declaration. The request must come from the property seller/owner if you're representing the buyerĪs stated previously, home owners insurance policies do not cover flood. Only the owner of a property or an insurer can request a C.L.U.E. It will provide the claims history up to 7 years. There are times there are not able to do this and will need an elevation certificate.Īnother way, is for the sellers or owners to call their own insurance provider and request to run a CLUE report of the property.ĬLUE stands for Comprehensive Loss Underwriting Evaluation. The seller's need to disclose this fact, but if the sellers owned the home and has no knowledge of the flood, then another way is to get in touch with your insurance provider and request them to check the claims history. If it is not available, then your realtor can request a copy of it.
Flood factor download#
Usually the listing agent will upload this document in MLS and your realtor will be able to download it. First - by requesting your Realtor to provide you a copy of the seller's disclosure.
Flood factor how to#
Question #2 How to find out if a property has flooded? They will be able to assist you and provide you details as to the flood zone of the property. Third option is to contact your home insurance provider. I will also share you another exciting tool that you can access for free, so stick around and watch till the end. They have a tool that they use to most likely know and determine if the property is in a flood zone. Second option is to contact your Realtor or Real estate agent. They have a tool that you can use and all you need to do is to plug in the property address. FEMA stands for federal emergency management agency. First option is to check the FEMA website (). There are most likely 3 options that you can use to determine your flood zone. Question #1 What is my flood zone? I get this question all the time. So it is really crucial to get a better understanding on the flood zone of your property and why it is wise to purchase flood insurance. Let us now dive into our questions for the day.ĭo you know that just 1 inch of water can cause 25K worth of damage to a home? Do you know that homeowner's insurance policies typically do not cover floods? Floods can result from storms, melting snow, hurricanes, drainage system backups, broken water mains, changes to land due to new construction and many more. Contact your insurance provider if you have additional questions regarding coverage and to confirm your respective flood zones. I do not work for FEMA nor I am a licensed insurance provider.
Flood factor free#
Watch until the end of this video so you can get free access to my hurricane preparedness kit.īefore we start, a disclaimer that the video is for educational/ informational purposes only. I talk about all things real estate, neighborhood tours, and tips that are useful to first time and experienced homebuyers, home sellers, landlords, and renters who are looking to relocate here in the greater Houston area. I want to share what I've learned with you. This is a timely topic since hurricane season is here. Questions like What is my flood zone? How to find out if a property has flooded before? Do I need flood insurance? Perfect timing, since I have been getting a lot of questions lately about flooding here in the greater Houston area. By the way, FEMA stands for Federal Emergency Management Agency. I have recently attended a FEMA training.