It's not unusual to own a home in a floodplain, and risk associated changes based on many factors. Your Insurance agent can help you assess the risk, and whether you need flood insurance.
Many areas manage development within the floodplain; as well as the waterways that contribute to flooding, or manage the rivers, streams, ponds and lakes so that floods occur less often or not at all.
For example, Buncombe County joined the National Flood Insurance Program (NFIP) in 1980 and began regulating development within the 100-year floodplain.
The NFIP was created for four primary reasons; to:
1. Guide future development away from flood hazard areas;
2. Require that new and substantially improved structures be built to minimize flood damage;
3. Provide floodplain residents and owners with financial assistance after floods; and
4. Transfer most of the costs of private property flood losses from the taxpayers to floodplain property owners through flood insurance premiums.
Flood insurance and most types of federal financial assistance, such as mortgage loans and grants, are only available in those communities that participate in the NFIP and adopt an ordinance that meets or exceeds NFIP standards.
Do I live in a Flood Zone?
Anywhere it can rain it can flood - meaning everyone lives in a flood zone. Risk levels vary. If you have not experienced a flood in the past it does not mean you are safe from future flooding. The best way to learn your individual flood risk is to locate your property on a flood map or talk to your insurance agent.
You may use the Buncombe County GIS mapping application to view flood plain data; or go to www.floodsmart.gov and enter your address. You will be provided with information about your property's flood risk, and flood insurance premium estimates for your property.