Thank you for the question on a property listed as being in a flood plain in Los Lunas. Although you have not indicated the particular property you are inquiring on, FEMA (Federal Emergency Management Act) updated its maps in August of this year which expanded what they consider at risk of a 100 year flood.
Valencia County is in the desert with the valley along the river but we have had flooding throughout history. All it would take for a flooding issue in Valencia County would be a slow moving storm with rain for several days in a row. Highland Meadows and Rio Rancho had that happen a few years ago. They are both desert and are both higher in altitude than Valencia County...They were not considered in the flood plain however they did get flooded.
If a property has or will have a mortgage on it, the mortgage company will require flood insurance if the home is in the flood plain. Some insurance companies have charts that indicate what their requirements for flood insurance are and some require a copy of an Elevation Certificate prepared by a surveyor who goes to the property and shoots the elevation of the house to determine where it sits within the flood plain. The insurance company will calculate how much insurance they will require based on this information.
I will be glad to look up the placement within the flood plain for you. All I need is the address of the property. I might even be able to give you a rough idea of what the insurance might cost and let you know that also. I can be reached on my mobile at 505-450-8690.
Thank you again for your inquiry,
Here is NJ, as we saw in our recent 2 storms, things can vary widely by town, by block, and even by individual home. There were homes in the "flood zone" that did not get any water in their basements (perhaps due to steps taken by homeowners (sump pump, French drains, and perhaps a bit of luck of not losing power), and their were homes that are not officially in the "flood zone", but they did get many, many inches of water (sometimes due to being without power for hours or even days). One place to look is at the "Sellers Disclosure", which is standard here in NJ -- Sellers have to disclose past flooding. But, in addition, most Lenders will require a "flood cert" before issuing a Mortgage to check whether a given house is in the "flood zone" or not (and will therefore require special "flood insurance". Lastly, during your Home Inspection, the Inspector should be looking for signs of past water damage in the basement/crawlspace. Likely circumstances are a bit different in NM, so share your concerns with your Realtor and he/she can likely provide additional suggestions.
Prudential NJ Properties
You didn't indicate a specific home, but I think I can generally help. There are many homes in flood plains that rarely, if ever see actual floods. Others may see flooding on a more regular basis. I've seen homes in 100 year flood plains and 500 year flood plains. In theory a home in a 100 year flood plain would only see flooding once every 100 years. In reality, some may see water more often than that.
If you buy a home in a flood plain, you must purchase flood insurance. All loans require a flood certification. Flood insurance comes from the federal government and depending on the location of the home may not be too expensive. I've attached a link to a site where you can learn much more.