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Federal Reserve: Moving Out of a Flood Zone? That May Be Risky
- cs702 4y agoTL;DR: homes right outside FEMA flood zones are still highly exposed to flooding risk, but the homeowners are not required to buy flood insurance to qualify for a federal-agency-backed mortgage, leaving both homeowners and lenders to bear any losses caused by flooding beyond FEMA boundaries. If you own a home right outside a FEMA flood zone, you can probably buy flood insurance for a lot less $$$ than homeowners inside the zone. If you can afford the premiums, do it!
- LinuxBender 4y agoI've always been curious about this. Calculating the long run cost of flood insurance vs. building the home on an elevated concrete platform, which would be cheaper in the long run and which would add more resale value to the home? I've also seen homes retrofitted with raised platforms but have no idea how much that costs.