REAL ESTATE FLOOD DISCLOSURE PROGRAM & FLOOD MAP INFORMATION SERVICES

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1 REAL ESTATE FLOOD DISCLOSURE PROGRAM & FLOOD MAP INFORMATION SERVICES Lisa Foster, CFM, Floodplain Coordinator January 26, 2018 Why are you here? Save your clients money on their flood insurance premiums Arm yourself with knowledge to increase your credibility and value as a real estate representative Reduce your risk of exposure to claims of misrepresentation 1

2 Today s Topics Flood Risk & Flood Maps Flood Mitigation & Property Protection Floodplain Regulations Flood Insurance Real Estate Flood Information & Disclosure Brochure Practical Anywhere it Rains it Can Flood. Pinellas County Flood Risks: Surface / Localized Riverine Coastal / Storm Surge Image Source: TBO.com Image Source: baynews9.com Image Source: 2

3 1921 October Hurricane 3

4 Pinellas County Flood Map Information Service FEMA FIRM County FHA Storm Surge Evacuation Zones Natural Floodplains Elevation Certificates Current Water Levels FIND OUT THE FLOOD RISK! PinellasCounty.org/flooding Property Protection Raise switches, sockets, circuit breakers and wiring Build with flood resistant materials Elevate your equipment, such as water heaters, AC units, etc. 4

5 Property Protection Implement flood proofing techniques. Install sewer backflow valves Build with flood resistant materials Property Protection Add flood openings Elevate 5

6 Property Protection Add flood openings Elevate Property Protection Only Rain Down the Drain, It s the Law. Clear storm drains to prevent flooding. Keep debris and trash out of the streets, streams, and ditches. 6

7 Pinellas County Flood Map Information Service FEMA FIRM County FHA Storm Surge Evacuation Zones Natural Floodplains Elevation Certificates Current Water Levels Determine Flood Insurance Requirements & Rates Determine Development Regulations Requirements FIND OUT THE FLOOD RISK! PinellasCounty.org/flooding Floodplain Development Regulations FBC, 6 th Ed / Pinellas County Floodplain Ordinance Structure FHA Substantial Improvement / Substantial Damage Freeboard Enclosure Limits Property FHA Fill Limitations / Compensatory Storage Wetland Regs 7

8 Elevation Certificates Purposes: Building Compliance & Insurance Rating 8

9 5 More Things You Need to Know about NFIP Flood Insurance 8. Homeowners insurance does not cover flood 9. Condo association policies do not cover personal property 10. NFIP policy not available if: Post CBRA effective date Lenders may require coverage outside of the SFHA or with other types of mortgages 12. Different types : Preferred Risk Full Risk Pre FIRM Grandfathering Newly Mapped procedure 9

10 FEMA FIRM Non-SFHA Moderate Risk Non-SFHA Low Risk PreFIRM Grandfathered Full Risk SFHA High Risk 20% claims Preferred Risk 1 in 4 chance of flooding during 30 yr mortgage Pre FIRM vs Post FIRM Pre FIRM Built before flood maps (~1972) No Elevation Certificate Required Non actuarial (Subsidized) Rating Premium is not based on individual property elevation Post FIRM Original construction after 1972 Elevation certificate required Actuarial (Full Risk) Rating Premium based on elevation compared to BFE. 10

11 Pre FIRM vs Post FIRM AE zone versus VE zone Flood Zone VE Greater risk and increased probability of loss. Any enclosure on lower level will increase premium. Flood Zone AE Typical flooding hazards are due to rising water. Lack of flood vents on enclosure on lower level will increase premium. 11

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13 Real Estate Flood Disclosure Program Purpose: Educate buyers on flooding and flood insurance before committed to purchasing the property Benefits: Agent: Reduced risk of exposure to claims of misrepresentation Reduced flood insurance premiums Buyer: Able to make informed decision Reduced flood insurance premiums Components: Map Information Service & training Real estate flood information and disclosure brochure Flood Information & Disclosure Brochure 13

14 Flood Information Service Center Guidelines Legend 2. Layers 3. Base Map 4. Ruler Flood Information Service Center Guidelines Turning Layers on and off 14

15 Flood Information Service Center Guidelines Use the address search box to locate the property. Click inside the actual parcel Flood Information Service Center Guidelines Use the arrows to scroll through the flood map information. Data is for the spot that you clicked, not the whole parcel. 15

16 Practice ULMERTON ROAD, CLEARWATER US 19 N, CLEARWATER N RING AVE, TARPON SPRINGS SUNSET DR S, SOUTH PASADENA SOUTH FORT HARRISON AVE, CLEARWATER Answers: 4590 ULMERTON ROAD 16

17 Answers: US 19 N Answers: 410 N RING AVE 17

18 Answers: 7047 SUNSET DR S Answers: 14 SOUTH FORT HARRISON AVE 18

19 Real Estate Disclosure Program Documentation for CRS Credit Program participation letter One copy of completed brochure Resources PRO Trainings Jan & July Flood Information Website Flood Insurance Technical Assistance Speakers Bureau pinellascounty.org/speak 20

20 Real Estate Disclosure Program Evaluation Tell us how we are doing! surveys/publicworks QUESTIONS? Lisa Foster Floodplain Coordinator (727)