What is a 100-year flood zone?
The term “100-year flood” is misleading. It is not a flood that will occur once every 100 years. Rather, it is the flood elevation that has a 1 percent chance of being equaled or exceeded each year. Thus, a 100-year flood could occur more than once in a relatively short period of time. A 100-year flood, which is the standard used by most Federal and state agencies, is used by the NFIP as the standard for floodplain management and to determine the need for flood insurance. A structure located within a Special Flood Hazard Area (SFHA) shown on an NFIP map has a 26 percent chance of suffering flood damage during the term of a 30 year mortgage.
Related Questions
- can a flood zone certification company examine a lenders existing loan portfolio for free or at a reduced rate, in exchange for the lender sending the company future business?
- To replace a furnace in the basement of an existing building, located in a flood zone, where must the new furnace be located?
- Are there plans to build drainage facilities to remove the flood zone?
