In this article, we're going to tell you everything you need to know about FloodFactor.com, a free online tool that shows you the likelihood of a flood at your home or one you're thinking about buying.
Flood Factor was created by the First Street Foundation, a nonprofit research firm that aims to make up-to-date flood risk information available to private citizens — homebuyers — rather than commercial interests.
As for Flood Factor, Clark says this free tool is very helpful, but you should read its methodology to make sure you agree with it. If you do, Clark says the site can be a great way to educate yourself about your property or one you're considering buying.
This Free Tool Shows You Whether Your Home Is a Flood Risk
How Does Flood Factor Work?
- Whether the residence is in a flood zone map
- The proportion of homes in the area at risk of flooding
- Projected flood risk this year, in 15 years and 30 years
Should You Buy Flood Insurance if You’re Not in a Flood Zone?
Clark says the key to buying flood insurance is whether it makes financial sense for you.
"For me, it's relatively inexpensive at a few hundred dollars a year for $25,000 in coverage," Clark says. "But if you are in a flood zone, it can be extremely expensive, although a policy can cover a quarter-million dollars in damage to your home."
Final Thoughts
<span style="font-weight: 400;">"You can do this and figure out if you should buy the flood insurance. Because remember, if you don't have this and your home floods, your homeowners' insurance does not cover you," Clark says. "They will wash their hands of you and tell you that you are on your own."</span>
Use this guide to learn more about flood insurance before you start shopping.
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[ This article was originally published on Clark.com ]
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