Do I Need Flood Insurance in Georgia?
As mentioned previously, whether you think you need it or not, flood insurance is a crucial part of protecting your home from potentially catastrophic physical and financial damage. According to the Federal Emergency Management Agency ( FEMA ), just one inch of water can cause tens of thousands of dollars in flood damage. What’s more, roughly 20 percent of flood insurance claims come from areas deemed to be moderate-risk or low-risk. Of course, if you live in a high-risk flood zone, you’re definitely going to want to enroll in flood insurance that properly covers your property as a homeowner or business owner.
Given Georgia ’s vulnerability to hurricanes from the Gulf of Mexico and the Atlantic Ocean—as well as numerous rivers, dams, marshes, and coastlines—it would make sense to sign up for flood insurance. Generally speaking, certain mortgage lenders can require you to have flood insurance if your property sits in a high-risk area. This requirement will typically stay in place until you pay off your mortgage.
While you may not be held to the same requirement if you live in a low-risk area, don’t take the risk of leaving your property uninsured and unprotected. Flooding as a result of heavy rain can affect anyone’s home or business.
Georgia Flood Zones
Many counties and areas of Georgia carry different classifications in terms of their flood risk. If you would like to determine what kind of flood zone you live in, you can visit floodsmart.gov and navigate to the FEMA Flood Map Service Center (MSC). From there, you can search your property’s address and see what kind of designation it carries. Here’s a quick guide on how to properly determine whether you live in a high-risk flood area:
Special Flood Hazard Areas (SFHA): These types of flood zones indicate that the given area is part of a 100-year floodplain and has a chance of equaling or exceeding the base flood elevation. In addition, SFHAs have a 25 percent or higher risk of flooding at some point during a 30-year mortgage term. If your zone is demarcated as Zone A, Zone AO, Zone AH, Zones A1–A30, Zone AE, Zone A99, Zone AR, Zone V, Zone VE, Zones V1–V30, or a combination of these, then your property sits in an SFHA or high-risk flood zone.
Moderate Flood Hazard Areas: These types of flood zones indicate that the given area is part of a 500-year floodplain, meaning that the area has a lower risk of flooding than an SFHA. If your area appears as Zone B or as a shaded Zone X on a Flood Insurance Rate Map (FIRM), then your property is in a moderate- risk area.
Low Flood Hazard Areas: These types of flood zones sit at a higher elevation or have less of a chance of flooding than a Moderate Flood Hazard Area. If your area appears as Zone C or as an unshaded Zone X on a Flood Insurance Rate Map, then your property is in a low-risk area.