HOUSINGNEWS REPORT
FEATURED ARTICLE
Homes in High Risk Flood Zones: County Heat Map
Pct of Homes in High Risk Flood Zones
-5.2%
80.4%
Click on map to view interactive nationwide heat map
U.S. Single Family Homes by Flood Risk
sales — just look at a typical flood zone transaction. Smith buys a property which is financed by a lender. The lender sees the property as security for the mortgage and as a result requires the borrower to maintain property and flood insurance for the life of the loan. This is where the government comes in: Under the National Flood Insurance Program property owners can get coverage for up to $250,000 for the property and $100,000 for the contents. The government also provides master coverage for condo associations. Given federal backing, lenders are happy to make waterfront mortgages. While storms and floods are often associated with coastal areas, the NFIP program is actually much broader. According to William E. Brown, president of the National Association
High Risk Flood Zones Requiring Flood Insurance
2,713,157 3% 76,932,857 97%
All Other Homes
of Realtors, “policyholders in over 22,000 communities across the country depend on the NFIP to protect homes and businesses from torrential rain, swollen rivers and lakes, snowmelt, failing infrastructure, as well as storm surges and hurricanes.” An analysis of public record property data and flood zone data by ATTOM Data Solutions shows that more than 2.7 million single family homes nationwide are in higher-risk flood zones requiring
flood insurance, representing 3.4 percent of all single family homes. The combined estimated market value of these homes in higher-risk flood zones is more than $904.6 billion, representing 3.9 percent of the total combined market value of all single family homes. The current arrangement assumes that flood insurance will be affordable and available from either the government or the private sector for as long as
ATTOM Data Solutions • P2
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