Buying an investment property in Myrtle Beach can provide an opportunity to own real estate in one of South Carolina’s best-known coastal destinations. Before searching for a property,,
MYRTLE BEACH REAL ESTATE: ASSESS YOUR FLOOD RISK
Dated: October 15 2015
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Myrtle Beach Real Estate: Assess Your Flood Risk
When buying a home, it is important to research whether your new home is in a floodplain. A floodplain is an area near a body of water such as the ocean, lakes, streams, and rivers that may be prone to flooding. You can ask your real estate agent to obtain this data or research it yourself. Understanding floodplains and how they may impact your new residence is important for insurance purposes and for understanding your risk of experiencing a flood.
The 100-year Floodplain
The 100-year Floodplain is an estimated statistic used by insurance companies when creating insurance policies. This term can be confusing for homebuyers because it does not mean an area only floods once every 100 years. The 100-year floodplain is the 1-to-100 chance of a flood occurring in that area in any given year. If your new home is located in a 100-year floodplain and you have a 30 year mortgage, you have a 1 in 4 chance of experiencing a flood event during the term of your mortgage. You are also 27 times more likely to experience a flood than a fire during that 30 year mortgage.
How are Floodplains Determined?
The designation of a floodplain is not an arbitrary process. Scientists use the best information they have available when determining if an area is a floodplain. Keep in mind that flood and weather data has only been recorded for at most, 150 years. This is an extremely small time span considering the unrecorded history of regional weather and actual past flood events. Each year, as more weather occurs and measurements collected, floodplain data and determination can change as time goes on and more and more data is evaluated. It's important to note that designating an area as a floodplain is not a prediction of where or how frequently floods will occur.
Choosing a home located in a floodplain area does statistically mean your home may be more likely to experience a flood than a home not located in a floodplain. And insuring a home in a floodplain may be more expensive as well. Nature is unpredictable and many have lived for decades in a floodplain and have never experienced a flood event. However, knowing your risk and planning accordingly to ensure you are covered should a flood occur is vital.
Jamie Broadhurst
Welcome to Myrtle Beach, SC and its surrounding communities, and CENTURY 21 Broadhurst. For 50 years, our family-owned company has served literally thousands of friends and neighbors with all the....
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