Floods, environmental hazards

Question 1

What is the National Flood Insurance Program (NFIP)?

Answer 1

Flood insurance purchased through insurance agencies for property in NFIP participating communities

NFIP aims to reduce the impact of flooding on private and public structures.

Question 2

What are Flood insurance rate maps (FIRMs)?

Answer 2

Maps categorizing zones as low risk, moderate risk, and high risk

FIRMs are used to determine flood insurance requirements and rates.

Question 3

What are Special flood hazard areas (SFHAs)?

Answer 3

Areas identified on FIRMs as high-risk A zones

SFHAs are subject to mandatory flood insurance requirements.

Question 4

A special flood hazard area is a ___ ____ flood plain

Answer 4

100-year flood plain

This means there is a 1 in 100 chance of flooding - 1% - in any given year (this goes up to 26% in a 30-year mortgage)

Question 5

What are high-risk coastal areas?

Answer 5

Coastal land located in SFHAs identified on FIRMs as V zones

V zones are particularly vulnerable to storm surge and wave action.

Question 6

Which are more high-risk, V-zones or A-zones?

Answer 6

V-zones

Question 7

What are requirements for development within SFHAs?

Answer 7

V zones need to be anchored to protect against waves, hurricane-force winds, and erosion

Proper anchoring is essential to reduce property damage during floods.

Question 8

Which properties require flood insurance?

Answer 8

Properties located in A zones and V zones financed with mortgage loans from federally regulated or insured lenders

Flood insurance is mandatory for these properties to protect against flood losses.

Question 9

What are the environmental hazards associated with real estate? (List them)

Answer 9

• Asbestos
• Radon
• Lead-based paint
• Mold
• Water supply
• Wood-destroying organisms

Awareness of these hazards is crucial for property buyers and owners.