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CoreLogic: 52% of Properties at High, Moderate Flood Risk not in Flood Zones
As if the news wasn’t bad enough for the storm-battered Houston metro, analysis by CoreLogic shows that more than half of the residential and commercial properties in and around the Houston MSA are at “High” or “Moderate” risk of flooding. These properties, however, are not in what is designated as a Special Flood Hazard Area, or SFHA, as identified by the Federal Emergency Management Agency (FEMA).
What, exactly, does this mean? It means that properties within the SFHA, categorized as Extreme or Very High Risk, require flood insurance, so long as the property carries a federally insured mortgage. Properties outside of SFHA zones are not required to have flood insurance.
The analysis doesn’t include risks from storm surge or flash flooding.
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