Check Flood Hazards Before You Buy

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Checking for Flood Hazards Before you commit yourself to buying property: --.J Ask the County of Hawai'i Engineering Division (808-961-8327) if the prop erty is in a floodplain; if it has ever been flooded; what the flood depth, velocity, and warning time are; if it is subject to any other hazards; and what building or zoning regulations are in e ffect. --.J Ask the real estate agent if the property is in a floodplain, if it has ever been flooded, and if it is subject to any other hazards, such as sewer backup or subsid ence. --.J Ask the seller and neighbors if the property is in a floodplain, how long they have lived there, if the property has ever been flooded, and if it is subject to any other hazards. Importance of Flood Insurance Homeowners insurance usually does not include coverage for a flood. One of the best protection measures for a building with a flood problem is National Flood Insurance, which can be purchased through any licensed property insurance agent. If the building is located in a floodplain, flood insurance will be required by most mortgage lenders. Ask an insurance agent how much a flood insurance policy would cost. Flood Protection A building can be protected from most flood hazards, sometimes at a rela tively low cost. New buildings and addi tions can be elevated above flood levels. Existing buildings can be protected from shallow floodwaters by regrading, berms, or floodwalls. There are other retrofitting techniques that can protect a • building from surface or subsurface (Above: Across Da Silva School, 1979 flood) water. Most everyone knows that coastal properties are subject to flooding and wind damage from hurricanes. There are maps that show areas predicted to flood. To find out more about flood-prone area maps, check with the County of Hawai'i Engineering Division. However, flooding and other surface drainage problems can occur well away from the coast. If you're looking at a propety, it's a good idea to check out possible flood hazards before you buy. Floodplain Regulations Hawai'i county regulates construction and development in the floodplain to ensure that buildings will be protected from flood damage. Filling and similar projects are prohibited in certain areas. Houses substantially damaged by fire, flood, or any other cause must be elevated to or above the regulatory flood level when they are repaired. More information can be obtained from County of Hawai'i Engineering Division (808-961-8327). How it Works Before a person can receive a loan or other financial assistance from various agencies or lenders, it must be determined if the building is in a Special Flood Hazard Area (SFHA). The SFHA is the base floodplain mapped on a Flood Insurance Rate Map (FIRM). It is shown as one or more zones that begin with the letter "/\' or "V:' Mandatory Purchase Many lenders and insurance agents also have copies. It is the lender's reRegulation sponsibility to check the FIRM to The mandatory purchase requirement determine if the building is in an applies to all forms of federal or federally SFHA. If the building is in a SFHA. related financial assistance for buildings lothe lender is required by law to recated in a Special Flood Hazard Area quire the borrower to purchase a (SFHA). This requirement affects loans flood insurance policy on the buildand grants for the purchase, construction, ing. The requirement is for structural repair, or improvement of any publicly or coverage equal to the amount of the privately owned building in the SFHA, in loan (or other financial assistance) or eluding machinery, equipment, fixtures, the maximum amount available, and furnishings contained in such build whichever is less. The maximum mgs. amount available for a single-family The requirement also applies to secured house is $250,000. While not manmortgage loans from financial institutions, dated by law, a lender may require a such as commercial lenders, savings and flood insurance policy as a condition loan associations, savings banks, and credit of a loan for a property in any zone unions that are regulated, supervised or in on a Flood Insurance Rate Map sured by Federal agencies such as the Fed eral Deposit Insurance Corporation and the Office of Thrift Supervision. It also applies to all mortgage loans purchased by Fannie Mae or Freddie Mac in the secondary mortgage market. , (Left: South Kona 2007 floods) "-------'-""'----~~