The Federal Emergency Management Agency (FEMA) has made a recent change to flood maps causing some homes in the Tahoe Keys to now be considered in a flood area.
According to an article written in the Tahoe Daily Tribune written be Adam Jensen, Owners of Tahoe Keys Real Estate feel that the flood maps are very inaccurate. To view the entire article click here.
Most lenders require homeowners within a flood area to have flood insurance. When the FEMA flood maps were changed, some homeowners in the new flood area received letters from their lenders requiring flood insurance or a letter from a licensed surveyor saying that the property is not in the flood area.
Flood insurance can cost around $1,100 for a $100,000 premium. This could be a hardship for some homeowners in todays tough economy.
The new FEMA maps will be very important for Real Estate Agents and those looking to buy Real Estate in the Tahoe Keys. Purchasing a home in a flood zone will add additional insurance expenses and could be harder to sell in the future.
FEMA is currently reviewing the flood map changes due to complaints from homeowners. Click on the link view the FEMA website.
For questions about Tahoe Keys Real Estate or any home on the South Lake Tahoe MLS please call Brent or Jill Johnson today!
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