Being required to carry flood insurance when only part of a structure lies in a flood zone has driven many home owners crazy. In some similar cases, we no longer require flood insurance for a conventional mortgage.
More specifically, if the garage or other non-living structure is in a flood zone, but the rest of the housing structure is not, then flood insurance will NOT be required.
There are many people who can benefit from this right now, as the home’s chances of flooding may be slim.
In fact, according to the Federal Emergency Management Agency, an area classified as a Special Flood Hazard Area is one “that will be inundated by the flood event having a 1-percent chance of being equaled or exceeded in any given year.”
This is also commonly referred to as the “100-year flood” and means that the area has a 1 percent chance of flooding in a year, according to the U.S Geological Survey, or reaching a flood level once in every 100 years.
If you are looking at a home and only a portion of the property or structure lies in a flood zone, call us at 813-707-6200 about financing that may NOT require flood insurance.
There’s no reason to feel like your drowning from exorbitant insurance payments.
If you or someone you know is looking at a home that may need flood insurance, fill out the short form below to see if we can save you a lot of money.