Should I buy a house in a flood zone?

There are many things to seriously consider when buying in a flood zone. 1.) the first thing to determine is what is the flood zone? This will tell you the statisical likelyhood of a flood, based upon the governments statisics. If you buy a home in the "100 year flood zone" that doesn't mean it floods just once every 100 years; it could flood 3 times in 10 years then not flood again for 200 years. 2.) If it is in a 100 year flood zone or less and you have a home loan, flood insurance will be required.
3.) Flood insurance is almost exclusively available through the Federal Gov. only, although the policies are sold through insurance companies, as the insurance companies view the risk as too high to insure. 4.) Flood insurance is subsidized by the Federal Gov. (the taxpayers) and the Feds have over the last decade been transferring more and more of the cost to the actual owner of the property, via higher flood insurance rates and even, in extreme cases not offering flood insurance in the aareas subject to very frequent flooding. Expect less government subsidy of flood rates in the future as the government looks to cut costs. 5.) Flood insurance is limited to $250,000, so expensive homes may be substantially underinsured even with floof insurance. 6.)Homeowner's insurance does not cover flood damage to home or contents. A flood policy can be purchased to cover dwelling only or dwelling and contents, or contents only (you don't have to own the home) 7.) A separate flood policy is required for each building where coverage is needed, and some lenders require policies on detached garages as that may be part of the loaned value. 8.) Manypeople do not buy flood insurance, unless reqquired by the lender as is evidenced by the fact that in the 2007 flooding in southwest Washington, which triggered nearly $45 million in claims, fewer than 8 percent of people in the affected areas had flood coverage, according to the Office of Insurance Commissioner. Remember, floods happen much more frequently than fires.10.) Consider the potential disruption to your life that a flood would cause before buying in a flood zone. Talk to longtime neighbors and get a feel for at least the most recent 20 years to determine likely water levels in the neighborhood. Armed with accurate information you will be able to make an informed decision. You may even determine the exceptional property location may still be worth the extra cost and risk to you; each person and each location is completely different when it comes to flood tolerance and flood likelyhood.