Here we are again at what seems another tough weather week in the Nashville area. As Greater Nashville Realtors, our hearts go out to each person impacted by flooding last weekend. While it’s never a good time to think about things we all can do during devastating weather events, it’s something that we as Realtors continue to guide buyers and sellers through weekly.
While we have several tools at our fingertips to help navigate flood risk, it’s crucial that consumers know how to navigate this and there are some useful resources to use. The Federal Emergency Management Agency website has always been the staple for flood risk. One of my new favorite sites is FloodFactor.com. It takes all the public information regarding floodplains and risk and aggregates it into one simple search. The product it gives you after the search is clear and concise, providing you a “flood risk” score for your property. Before you purchase any home, you should always perform thorough due diligence.
Many homes require flood insurance. As Realtors, we work tirelessly to advocate for the renewal of the National Flood Insurance Program (NFIP) on Capitol Hill each year. The NFIP provides hundreds of thousands of dollars of flood coverage in over 22,000 communities nationwide.
For example, in our Congressional District 5, there are almost 30,000 properties that are in Special Hazard Flood Areas (SHFAs). The total insurance coverage as of 2020 for District 5 was $1,920,866,700. By 2050, the number of homes in SFHAs are expected to grow 3.3 percent to 30,987, based on projected potential environmental conditions.
It’s important for consumers who are considering flood-risk properties to know the risk and costs associated with owning these properties. While flood status should be listed in the multiple listing service and should be on the required Tennessee Residential Property Condition Disclosure, many properties that are exempt from disclosure may not show flood hazard. A home could be exempt for many reasons like being a part of an estate or a home that the current owner has never lived in. Just because a property is exempt from disclosure does not mean you shouldn’t do your homework. Make sure you ask your Realtor to provide you with the tools you need to make sure you’re not at risk.
While we want to do everything we can to protect consumers and their homes from floods, unfortunately, they happen. Several decades ago, we set up the Realtors Relief Foundation to help offset expenses during a declared emergency. Last week’s floods triggered monies to be released for our area. If you or someone you know has been affected by the flood, please reach out to our Greater Nashville Realtors office at 615-254-7516 for application assistance.
