Flood plains are areas determined to be potentially affected by flooding. Why should you care? As Mesa, Arizona homeowners found out last year, flooding is possible in some neighborhoods. Flood damage is not covered by homeowners’ insurance policies, so you have to purchase a flood insurance policy to protect your home. Flood plains also can negatively impact the use of your property (can’t build in them), and also can increase the cost of loans, due to mandatory flood insurance premium requirements.
In 2014, the feds started to redo the metro Phoenix flood plain maps, and homes that previously weren’t in these zones may be subject to them. Home buyers in certain of those zones may be required by their lender to carry mandatory flood insurance. That is important, as there have been significant increases in the cost for flood insurance, although there have been delays in certain flood insurance rate increases.
If you want to determine whether your home is in a flood plain, go to http://www.fcd.maricopa.gov/flooding/floodplain.aspx or contact your city. Or let me know and I’ll help you get that info.