When buying coastal property and even further inland, your agent will find the flood information for the property you are interested in. The flood zones are marked with the most common letters of X,A,AE or Cobra. Below are the descriptions of each zone according to the Federal Emergency Management Agency (FEMA).
X- Area of Moderate Flood Hazard
A- Areas with a 1% chance of annual flooding and a 26% chance of flooding over a life of a 30 year mortgage.
AE- Areas with a 1% chance of annual flooding and a 26% chance of flooding over a life of a 30 year mortgage.
Cobra Zone- According to www.FEMA.gov, “The Coastal Barrier Resources Act (CBRA) of 1982 removed the Federal government from financial involvement associated with building and development in undeveloped portions of designated coastal barriers.” Essentially, this act was proclaimed to discourage development in certain ecologically sensitive coastal barrier areas, both to help protect wildlife habitats and to help mitigate losses. It removed Federal incentives to develop in these areas, and made these areas ineligible for federally subsidized flood insurance programs (i.e. the NFIP – National Flood Insurance Program).
The flood zones regulate the type and cost of flood insurance for the property you are purchasing. Areas X, A and AE are eligible for NFIP (National Flood Insurance Policy). As stated above, the Cobra (CRBA) Zone properties are ineligible for the NFIP and other federally subsidized flood insurance programs.
If you are interested in finding out more information about your specific property or general information about the flood zones and what FEMA (Federal Emergency Management Agency) offers, check out their website in the link below. https://www.fema.gov/
If you are interested in buying, selling or investing in real estate, our team of realtors is here and ready to assist you. Contact us today at
Bowen Real Estate Group & Keller Williams Transition
200 Cape Fear Circle Suite 3 Sneads Ferry, NC 28460
910.333.2247
ncarolinahomesforsale.com