#flood-insurance

#flood-insurance

If it's time to sell and your house is in a flood zone, you may be concerned about getting the best price for your home. The good news is that there are plenty of buyers interested in purchasing properties regardless of the flood zoning. In this article, we'll review everything you need to know if you're selling your home in a flood zone, from insurance to mitigation to pricing strategies.

The expiration of the National Flood Insurance Program during the recent federal government shutdown has put coverage for millions of homes at risk, affecting home closings and buyers in flood-prone areas. An analysis in Miami and Tampa shows that homes with lower flood risk have seen faster price appreciation over the past decade, highlighting changing buyer preferences. Market trends indicate a shift toward prioritizing flood risk data in home-buying decisions, with younger buyers leading the change.

Slogging through a thick slop of mud and rock, Brian Hill passed the roof that Hurricane Helene's floodwaters had just ripped off someone's barn and dumped into his yard. Then he peered into the unrecognizable chaos inside what had been his family's dream home. The century-old white farmhouse, surrounded by the rugged peaks of western North Carolina, sat less than 15 yards from the normally tranquil Cattail Creek.

Homeowner loss ratios have increased from 75% in 2021 to 85% in 2023, with forecasted elevated ratios due to anticipated hurricane activity in 2024.