If you like the home that much maybe the flood insurance is worth it , if not then look for another home. The older I get the more I sound like my Father who used to say "the insurance company is betting you won't have a claim and you are betting that you will". It boils down to how much risk is the insurance company taking to insure your home.
Tim V. Johnson - REALTOR
Windermere RE Puyallup, Inc.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Flood zones and flood issues are the current flavor of the month.
Have you been able to resolve your flood plain issues? Are you moving forward with purchasing the home?
Living in 30345 I know there are lots of creeks, like in my back yard. I have a larger then average property due to the creek, of which the area around the creek is in the flood plain, however the home is not. It will depend on the lender if they require flood insurance even if the home may not be in the floor plain. Some do, some don't.
Yes, you can check out the FEMA web site noted before, however your lender should have ordered a floor certification for the property which is based on the most recent FEMA maps. Have they provided that to you yet?
You can also forward me the address and I can it look up since as an appraiser, every appraisal requires a flood zone stated on the report and I may be able to find it quicker for you as well as interpret the zones.
If the property is in a flood zone, however the home is not, some lenders may still require flood insurance. If so you can look for another lender who has different underwriting criteria since not all lenders will require floor insurance. I know, since my property is in a flood plain, however the lender does not require flood insurance for my home since the home is not in the flood plain.
VANNI & ASSOCIATES, INC
Residential Real Estate Consulting
GA Licensed Appraiser #5255 & Salesperson #249593. REALTOR.
An agent for KELLER WILLIAMS REALTY of BUCKHEAD
A Third Generation Real Estate Appraiser,
"Telling the truth about real estate for the past 21 years."
In GA it's up to the buyer to do their due diligence. I'm sure the seller has already provided a disclosure statement. The seller doesn't usually get involved in the buyer's loan issues. I would suggest providing a current FEMA floodmap to your lender. Best wishes!
Jen Bowman, Broker Associate
Keller Williams Realty Atlanta Partners
Hope this helps :)