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http://www.zillow.com/advice-thread/Should-I-buy-a-house-in-a-flood-zone/261925/
I wouldn't. This article says it all for me.
Our property is one acre.. the back .2 is in flood zone... Which means we have to pay $1200 a year for insurance.... It sucks.... As long as you are aware of all the risks and costs it will be fine.... Depending on where your house is located in that actual flood zone so just be sure to check it all out closely :)
We are in the exact same situation as ccfwwedding but we havent closed yet. We are fighting with the town and FEMA and the bank to change the flood zone so we pay $400/yr in insurance rather than $1200/yr. As long as the structure is not in the hazard area you can apply for a LOMC with FEMA to pay a lower insurance rate. Good luck!
Not sure how it all works with the banking/insurance side of it, but having fought quite a few massive floods up here, I would definitely be wary of purchasing a house in a flood zone. The worry and hectic work to prevent flooding getting into your home, and the extensive clean up if it does get in, is just too much for me. Mr.ND actually had family that sold a gorgeous home because it was just so much worry and stress and constant pumping each year. The insurance aspect is one thing, but dealing with the possibility of a flood is taxing.
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Beekeeper
Hey everyone!
We think that we have found a house that we like but it seems like it's in a high risk/special flood zone. According to the NFIP, it would probably only be about $400 a year to cover for a flood which doesn't seem too bad to me. Is there anything else I need to know about flood insurance?
Thanks ladies!