Help reduce the number of clients who buy high-risk properties by surprise or list properties before mitigating the risk.Because the tool is based on a more comprehensive and granular flood risk assessment, more property buyers and sellers can gain additional context, guidance and insights regarding the potential flood risk for properties and communities across the country.įlood Factor™ data augments FEMA’s maps, which can: In fact, property owners located outside of the “high-risk” zones on FEMA maps receive one-third of the federal flood disaster assistance and file more than 20 percent of all claims to the National Flood Insurance Program.įlood Factor™ can help identify more high-risk properties than FEMA maps alone. As a result, many people who live near a stream or nowhere near water could be buying or building a home in harm’s way and not have any way of knowing. Yet to date, FEMA flood maps cover only the greatest population areas along one-third of the nation’s rivers and half of the coast, and do not include the pluvial (rainfall) risk inland. How does Flood Factor™ help real estate professionals?Īnywhere it rains, it can flood. Flood insurance options are offered to ® users. This new feature, accessible during a search of ® (along with other filters such as school, noise, and crime), also includes steps that homeowners can take to mitigate risk, along with an estimate of the FEMA flood zone designation for the property and whether flood insurance is required. Learn more about how a property’s risk score is calculated. The First Street Foundation Flood Model was developed in partnership with more than 80 world-renown scientists and flood experts, and currently includes high resolution data for more than 142 million homes and properties across the continental United States.įlood Factor™ provides comprehensive flood risk information for each individual property, including a score ranging from 1 (minimal risk) to 10 (extreme risk) as determined by the cumulative likelihood and potential depth of flooding over the next 15-30 years. It is the result of a ® integration with the First Street Foundation, a nonprofit research and technology group. Consumers may also submit more specific questions to ®’s Customer Care team at 87 or has developed a detailed set of Frequently Asked Questions (FAQs) below, including how to talk with customers about the Flood Factor™ data.įlood Factor™ is a flood risk visualization tool from the First Street Foundation that is now accessible via an interactive experience on ®.While flood risk assessment is outside the real estate license and training, you can be ready to identify insurance agents, home inspectors and other flood risk professionals who can answer property-specific questions and/or identify options to mitigate risk.In order to determine if there are property-specific issues, clients should consult a qualified professional, such as their local floodplain manager or a licensed surveyor/engineer.Flood Factor™ is a credible diagnostic tool that can help detect high-risk homes but can only provide a strong indication and not proof of flooding issues with a property.As always, avoid making statements beyond your license and training or discouraging customers from considering flood data or insurance. You may also hand the client this brochure, which NAR developed in collaboration with FEMA.has some flood risk and many in FEMA “low risks” zones receive disaster aid and flood insurance claims each year.
0 Comments
Leave a Reply. |