Flood zones have been expanded in Charlotte over the last 15 years and there are water quality buffers as well. Per Floodsmart.gov , flooding occurs in moderate-to-low risk areas as well as in high-risk areas. Poor drainage systems, rapid accumulation of rainfall, snowmelt, and broken water mains can all result in flood. Properties on a hillside can be damaged by mudflow, a covered peril under the Standard Flood Insurance Policy. Structures located in high-risk flood areas have a significant chance (26 percent) of suffering flood damage during the term of a 30-year mortgage. In a high-risk area, your home is more than twice as likely to be damaged by a flood than by fire. For these reasons, flood insurance is required by law for buildings in high-risk flood areas as a condition of receiving a mortgage from a federally regulated or insured lender.
It's a good idea to buy flood insurance even if you live in a moderate- or low-risk area. Anyone can be financially vulnerable to floods. People outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding. When it's available, disaster assistance is typically a loan you must repay with interest. You may qualify for the Preferred Risk Policy (a lower-cost flood insurance policy) that provides contents coverage beginning at $49 per year and building plus contents coverage beginning at $129 a year. Realtor.com has a good article on this. http://goo.gl/j5Su9
What kind of insurance coverage you get will depend on your risk profile as well as the risk profile of the specific property. Your insurance agent will be able to answer specific questions about required and optional coverage and pricing for various scenarios. If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.
If you're paying cash, then its up to you but, I would recommend you do, because you never know and you want to protect your investment.
The best way to go about it, is to have your Realtor check for you, or you can call an insurance company they can tell you but, you need to know the address of the property.
Hope this helps!
I sell homes all across Charlotte, NC and the surrounding regions. Flood insurance has come up a few times do to the location of the property being in a 100 year flood plain. However; in my seven plus years hear in Charlotte I have nto seen a hurricane come through Charlotte.
Flood insurance here is more becuase of an old stream that may be dried up now or a creek that runs through the property in the rear has the ptential to flood over. But Charlotte, NC as a whole is not in a flood zone or an area where you can expect to pay a high premium for flood insurnace unlike Florida and other areas of the country more prone to flooding.