Home Buying in Corolla>Question Details

Jim Vance, Home Buyer in Corolla, NC

Is all of Corolla in a flood area that requires special or additional insurance?

Asked by Jim Vance, Corolla, NC Thu Jun 4, 2009

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Let's break it down into two questions:
Is all of Corolla in a flood zone, as defined by FEMA? Yes, the zones are AE, VE and X
Is additional insurance required? Not necessarily...

If you are paying cash, you are generally not required to get any flood insurance.
If you are in an X flood zone, your lender will probably not require you to purchase flood insurance.
If you are in an AE or VE, your lender will definitely require you to get flood insurance.

The good news is that flood insurance is generally very inexpensive. It is less than regular hazard insurance, and much less than wind and hail coverage that most coastal homes have to purchase.

Flood insurance is underwritten by the NC Beach Plan, so the premiums are the same no matter who you purchase the insurance from. I would suggest speaking to local insurance agent, or better yet find out what the current owner is paying for their insurance.
0 votes Thank Flag Link Wed Jan 23, 2013
I have a home for sale in Corolla and it is located in an Shaded X flood zone...no flood insurance is required.
https://sites.google.com/site/whalewatcherforsale/home
0 votes Thank Flag Link Wed Jan 19, 2011
Nope. We live in Moyock and do not have flood insurance. If you get it it'll cost you about $300 for flood and still you'll still have to underwrite a wind/hail policy for at least $3000 or nothing is "really" covered. Find high ground and, if you're buying near the water it would be stupid not to buy the insurance.
0 votes Thank Flag Link Wed Aug 25, 2010
Coralla is a large area and encompasses many different designated flood zones, such as VE, AE, X, etc. The premium you pay will be based on the elevation certificate provided by a surveyor. If the house was built in compliance, the premiums can be very affordable. North of Corolla, there is no federal flood insurance program available, but insurance can be purchased from private companies. You can visit the Currituck county website: http://www.co.currituck.nc.us/Real-Estate-Searches.cfm and search the interactive mapping to find the flood zones for specific property.
0 votes Thank Flag Link Thu Jun 4, 2009
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