If you’re thinking about buying a home and want to know if you’ll need to purchase flood insurance, the definitive source is:
a. The Federal Emergency Management Agency (FEMA)
b. The county the home is located in
c. The seller
d. Your mortgage company
FEMA – FEMA has lots of great information on flooding, flood insurance and flood maps, but keep going.
County – I find the flood maps for Cook County and the collar counties easier to ready than the FEMA flood maps, but keep going.
Seller – Buyers should always independently verify the information sellers provide! Just like sellers should always independently verify information buyers provide! Keep going!
Mortgage Company – BINGO! If they say the home you wish to purchase is in a flood plain, they will require you to purchase flood insurance according to Chicago real estate attorney, Rachell Horbenko! They are the final word on this!
Check out Rachell’s real estate law blog for more goodies!
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