SockToy

So we're close to buying. Days away, in fact. And I've just discovered despite realtors assurance that our proposed place is just in the zone that got wet with Sandy - an 'AE' zone on the FEMA maps, and about half a block from the 'X' zone of low flood risk. I guess that half a block can make a difference.

Jersey City is a hot real estate market so clearly some people dont care, but I've never come across this before. Any idea what flood insurance will be like, and whether being in the blue zone on the map is 'omg you're going to lose your house' or if its 'buy a sump pump and your basement will be fine' territory?

Suddenly nervous. The whole Brexit vote smashing the exchange rate isnt helping either. Sigh ;p

Any thoughts? Bail out of buying, or just buy a sump pump? Is it even going to be insurable

MidAtlantic

More questions than answers:

Did you have a home inspection?

What does the realtor say about it? Is this your realtor or the seller's?

Why not get to a local insurance broker and ask them what effect it has on the home insurance premium.

Nutmegger

The only possible answer is speak to your insurance company about the specific address you are looking at buying. Everything else any of us here could say is surmise.

Pulaski

Flood insurance is mandatory if you have a mortgage/ secured loan, and the need for insurance is based on the federal flood zone maps. .... My bank started to get p裏y with me over my lack of flood insurance based on their view of a satellite picture - which showed the federal flood zone cutting through the shed!

That said, the house is halfway up a hill, and in the thirteen years I have lived here the road at the bottom of the hill has never flooded. Given where the house is located, both horizontally and vertically in relation to the nearest river, I can't imagine where the feds think that the 20ft-30ft of water would come from that would be required to flood part of the yard?

SockToy

The realtor (theirs) says it isnt in the flood zone and they dont pay insurance. Under the 2007 maps published by FEMA it isnt in the flood zone.

Under some new maps it appears to be in the zone, and I understand there are new maps coming into force this year.

ARgh, so confusing. I guess I'll have my attorney write in details to prevent completion if it's in scope on the newly defined maps.

Nutmegger

Don't you have an insurance company for renters or auto insurance? You should ask them about the specific address. Or contact the assessor's office of the town, they should have records of whether the property is in a flood zone. And as someone else mentioned, your home inspector should know about this.