Flood risk awareness is more than an observation. It is a proactive strategy to protect and increase the value of your property. Mother Nature’s flooding fury was not particularly kind last year. In fact, 2016’s flood events clinched an unwelcome place in the history books as detailed by USA TODAY in the story: U.S. Had More Floods than Any Year on Record.

19 separate floods hit the nation last year, the most in one single year since records began in 1980.

Source: U.S. had more floods in 2016 than any year on record

Do you know your flood risk? Many property owners pay the price for inaccurate flood zone designations, which can result in the unfair imposition of flood insurance requirements or repetitive damage from flooding.

Commercial and residential property owners should be aware of the flood risk of individual structures, and not rely solely on the building or home’s location on a FEMA map (Flood Insurance Rate Map). Evaluating a structure’s design, elevation, construction (flood-safe standards), and proximity to flood control systems are a few factors that contribute to an accurate assessment of risk.  Property owners with structures at high risk of flooding (designated high-risk flood zones) may want to secure additional flood coverage. Property owners at low risk of flooding (designated low-moderate flood zones) may benefit from reallocating flood premium dollars to cover high windstorm deductibles, debris removal, and new landscaping after severe weather events.

A proactive flood risk strategy can address or limit exposure, minimize loss, decrease operating costs and provide the opportunity to obtain flood coverage commensurate with actual risk. A flood risk evaluation provides a comprehensive property analysis, verifies if a flood requirement is justified, and determines if a designated high-risk property belongs in a low-moderate flood zone (reclassification).  Reclassification provides premium cost savings and improves the value of the real estate investment.

Do you have a proactive flood risk strategy? Share your thoughts in the comments section of this post.

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