Flooding occurs in moderate-to-low risk areas as well as in high-risk areas. Poor drainage systems, rapid accumulation of rainfall, snowmelt, and broken water mains can all result in flood.
Properties on a hillside can be damaged by mudflow, a covered peril under the Standard Flood Insurance Policy. Structures located in high-risk flood areas have a significant chance (26 percent) of suffering flood damage during the term of a 30-year mortgage. In a high-risk area, your home is more than twice as likely to be damaged by a flood than by fire.
For these reasons, flood insurance may bu required by law for buildings in high-risk flood areas as a condition of receiving a mortgage from a federally regulated or insured lender.
For all of your Real Estate questions please call the Spouses Selling Houses team. Until next time. Ebbie :)
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