No one could have prepared for what 2020 has had in store for us to date. But there are situations that REALTORS® and homeowners should be prepared for — hurricane season.
Market activity is returning to full swing. That likely brings added questions from potential new customers looking at homes in flood-prone areas. That’s why NAR has worked with the Federal Emergency Management Agency (FEMA) on a suite of flood resources to help you advise your clients.
Use these resources, web pages, fact sheets, infographics, and publications to promote the financial protection flood insurance offers and explain various flood insurance requirements to homeowners and business owners.
Also be prepared to answer customers’ questions about a new, searchable website created to help people assess the flood risk of particular properties. The site shows that millions more homes potentially fall into flood zones than FEMA flood maps suggest. FEMA’s flood maps have served as the standard for lenders in determining flood insurance requirements for a mortgage under federal law. This new site developed by nonprofit research firm the First Street Foundation allows homeowners, real estate professionals, lenders, and others to find detailed flood risk information on specific properties nationwide.
Building a culture of preparedness requires that we raise awareness that a property does not need to be near water to food. In fact, more than 40% of all National Flood Insurance Program (NFIP) food claims come from outside high-risk areas. Floods can be a result of storms, melting snow, hurricanes, water backup, broken water mains, and changes to land as the result of new construction, among other things.