When you think of buying a home in Arizona you probably don’t think of flood zones. We have fewer problems with this than most other states, but the reality is because our ground is so hard, we do sometimes have a problem with flash floods and flooding. Buying a house in a high-risk flood zone could mean additional expenses including a flood survey and flood insurance. You also must consider re-sale value; if you are concerned about buying the home, then the next potential buyer will most likely be concerned as well. Flood insurance can cost anywhere from a few hundred dollars a year up to a few thousand a year, depending on the flood zone category in the Pinnacle Peak Real Estate Area.
If you do discover that the home you would like to buy or have purchased is in a flood plain, carefully consider what type of insurance coverage you want. Your lender might require you to get insurance, but they won’t necessarily tell you how much coverage you need. If you are confident that the property most likely won’t flood, then you can elect to cover only the house itself (not the contents of the home), insure for a lesser amount or carry a higher deductible. In doing so, you can lessen the impact that flood insurance has on your cash flow by obtaining a policy with a smaller yearly premium. Be sure to contact your insurance agent before making any purchase in the Pinnacle Peak area of North Scottsdale.
Any property you purchase should be made with full awareness and understanding of the property’s flood zone designation. A good realtor in North Scottsdale Homes for Sale should be able to help you determine if the property is in a flood zone.
