Tips for Buying Wilmington Real Estate in a Flood Zone

WILMINGTON, N.C. - Oct. 25, 2013 - PRLog -- In Wilmington, real estate is prized because of its beauty and in many locations, its proximity to water. Whether someone is interested in buying a beachside chateau or a home in the River District, there are few properties in this great city that aren't close to some type of waterway.

Of course, buying a home in such close proximity to water also means that you are at higher risk of suffering from flood-related damage. With hurricanes seemingly becoming more and more frequent, heavy rains and coastal flooding can add to that risk. For these reasons, it is important to recognize the area's flood zones and to take the steps necessary for protection if looking to purchase Wilmington real estate. Here are a few tips to get started.

Is the Home in a Certified Flood Zone?

Floods can happen anywhere and at any time of year. As a result, FEMA is constantly changing its flood hazard maps. An older home may not have been considered to be in a flood zone back when the existing owners bought the property, but updated flood zone maps may include it. As a result, before purchasing Wilmington real estate, it is very important to find out the latest information regarding the region's flood zones.

Flood zones are listed and ranked as "plains." So, if the property is located in an area that is considered a 100-year flood plain, then this means that the property has a 1% (1 in 100) chance of suffering a flood in any given year.

Buying Flood Insurance

Consult your Realtor regarding flood insurance. They can refer you to a reputable insurance agent who can give you a quote on flood insurance. Most importantly, when purchasing, you will want to ask the seller to provide the most recent flood elevation certificate. This will help them get a quote to you very quickly.   Due diligence regarding flood insurance is imperative and your Realtors at Wilmington Real Estate 4 U can help you with this and guide you through the process.

How to Find Out if the Home of Interest Has Ever Had Flood Claim

If unsure whether or not the piece of Wilmington real estate that is of interest in buying has ever had a flood claim, there are three ways to find out. These include:

1. Order a C.L.U.E. Report – A C.L.U.E. (Comprehensive Loss Underwriting Exchange) report will give a five year history of the home, so if the property has had a flood claim within the previous five years, it will be included on the report. One can obtain a copy of this report by ordering it online, through an insurance agent or alongside a natural hazard disclosure report

2. Request a Seller's Disclosure – Before buying the property, request a Seller's Disclosure or Transfer Disclosure Statements (TDS). In a Seller's Disclosure, the seller must legally disclose any previous problems on the property, including any episodes of flooding.

3. Order a Home Inspection – During a home inspection, the inspector looks for any signs of water damage and/or mold. If the home's lower levels show signs of water damage, then odds are there was a recent flood in the area.

Want to learn more about flood risks in a chosen area? Visit FloodSmart.gov, the official site of the National Flood Insurance Program (NFIP).