Just because the existing lender doesn't require it, a new lender may. The owners disclosed the flood zones but did they disclose if water, in fact, enters the house. There's a sump pump (assuming in the basement), does the water seep through the basement walls and/or floor? Have you been to the house with a very large rainstorm and with the snow? If a house gets water, as the snow melts the water can seep in.
I live in Fairfield and my house is in a zone b flood zone (most, if not all, of Fairfield is considered a flood zone). My lender did not require flood insurance and no water enters my house so its really not a problem for us. However if I did get water, I wouldn't have bought the house. We went through that with our first house in Little Falls (constant water in the basement) and that house wasn't located in a flood zone.
Keep in mind too when buying in a flood zone, basic flood insurance doesn't cover the contents in the home. You will need insurance to protect the contents in the home too.
It appears to be a very nice home but if it gets water inside every time it rains....is it really that nice after all? If no water enters the house, then is it really a problem? Do your due diligence before you make a decision.
Gina Chirico, Sales Associate
Prudential New Jersey Properties
973-992-6363 ext 116
If you want an actual flood map, e-mail me and I'll send it over. Colony Ct backs to a very large flood zone. My flood search says A6. Some lenders may decide that you need flood insurance regardless of whether the current owner's bank required it. You are cutting it close in my opinion and I would personally not want to be that close to such a large flood zone.
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