There are quite a few neighborhoods in the Shreveport/Bossier area of course and each neighborhood may have a portion of it that is in a flood zone so a lot of times we have to run a specific address to get a read on where the home is in relation to the flood zone. With that said, it's not the end of the world if the property is located in a flood zone but it does mean that more due diligence would be necessary to make a wise decision on that level. By that I mean that each property is built up a certain number of feet over or under what is called the "base flood elevation" or "BFE". So let's say that you buy a home in a flood zone and the BFE is 100' (which means that if a 100-year flood happened the water would rise as high as 100') but the lowest part of the home is built up to 101' above sea level & so therefore 1 foot above the highest that the water would rise in a 100-year flood. This would basically mean that the property, even though it is located in the heart of a flood zone, would not flood and so therefore flood insurance would be very inexpensive if even required at all. In a situation where a home is located in a flood zone, we can request what is called a "flood elevation certificate" from the seller. This document will basically tell us the BFE for that home as well as how high the lowest point of the property is built up in relation to that number. If the lowest part of the home is 6 inches or higher than the BFE, then FEMA will allow you to get what is called a "letter of map amendment" or a "LOMA letter" which basically removes your specific home from the flood zone thus cancelling the requirement to carry flood insurance. This process takes 45 days and is something that I did on the home that I currently occupy. Prior to getting the LOMA letter I was required to have flood insurance of $400 or so per year. Now I am no longer required to carry it and so the premium would be lower if I choose to add it as a precaution anyway as FEMA is basically saying that there is no risk of it flooding. Contact us today at 318-286-5511 for expert representation when buyer or selling property in the NW Louisiana area! :)
Posted by Adam Lytle on
Leave A Comment