Is my new home in the flood plain?
When looking to buy Oregon Coast Real Estate, this is a question that must be researched. In our area of the Central Oregon Coast, there are a multitude of flood designations, each associated with a different level of risk. In an area like Lincoln County, which is hilly and full of rivers and waterways to the ocean, flooding may occasionally occur in the winter months between October and April. A perfect storm of heavy rains and snowmelt is usually the culprit. Add high seas to the equation, and areas around rivermouths are most at risk. Although flooding is not a common occurrence, only happening once or twice a decade, mortgage lenders do take it seriously and want their investment protected. Lenders will require flood insurance for any home located within the flood designation according to the current FEMA maps. Flood insurance can add to your monthly payment, so it's a must that you find out IF the house is in a flood zone and HOW MUCH the insurance is going to cost.
What about tsunami?
Any home at a low elevation could be deemed likely to be inundated in a tsunami event. Waterfront homes at a lower elevation could be seen as riskier and have high insurance premiums--as high as $12,000 per year in certain areas.
How do I know if my house is in a flood zone?
The best way to start is to contact your insurance provider and give them the address. They'll be able to tell if the home is in a flood designation area. You may need an elevation certificate in order to obtain a quote on insurance. There are some good websites that can give you more information:
Address Search on FEMA Flood Maps: https://msc.fema.gov/portal/search
Oregon Hazvu, which will list other hazards other than flood for a certain address: http://www.oregongeology.org/hazvu/
Talk to your Ocean Equity Realtor for guidance in this arena. We deal with it all the time!