The Federal Emergency Management Agency (FEMA) has issued revised Flood Insurance Rate Maps (FIRMs) for all of Alameda County that become effective on Monday, August 3, 2009. These maps show areas that are considered to be in a floodplain, and therefore may require homeowners to obtain flood insurance. Flood zone disclosure is a statutory requirement in California real estate transactions.

The revised FEMA maps will expand the 100-year flood zone, affecting properties in the vicinity of Alameda City, Castro Valley, Dublin, Emeryville, Livermore, Pleasanton and San Leandro, and in the unincorporated County. Approximately 2000 parcels that are not now entirely or partially within a 100-year flood zone will be drawn into this high-risk zone when the revised maps become effective.

Prospective home buyers may wish to check with their insurance agent to see if the property’s flood zone, and insurance requirements, will be affected by the map changes. Where properties are drawn into a high-risk zone, flood insurance must be purchased before the new maps become effective on August 3, 2009, in order to comply with federal law regulating federally-backed mortgages, and to obtain the lowest available rate.

NOTE TO AGENTS: Where escrows are currently open in the affected areas, agents may wish to consider the impact that added flood insurance costs may have on the borrower’s loan qualifications. In addition, where properties are drawn into a high-risk flood zone, building permits for future construction may require design standards that minimize flood risk, which could increase project cost. This development impact, and the insurance requirement triggered by the new flood zones, are material facts in real estate disclosure where properties are affected.

More information about…

- the flood map changes and how they may affect your clients
- insurance requirements which these changes may trigger
- opportunities that may benefit your clients with lowered flood insurance costs
- disclosure compliance
- how to view the new FEMA maps online

…is at the link below:

http://www.fanhd.com/Portals/0/fanhd/pdf/Alameda_FEMAmaps_Aug2009.pdf

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Categories : Real Estate

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