Washington DC Real Estate May Have New flood Zones
If you are considering purchasing Washington DC real estate, than www.themarylandrealestateexpert.com at Weightman Realty can help you in all your needs. If you currently reside within the boundaries, or are thinking of purchasing real estate in Washington DC please read on. This article contains pertinent information for current real estate owners in Washington DC, and potential buyers of Washington DC homes. There is a proposal to redraw the federal flood maps in the District's boundaries. The new flood maps would include a large section of downtown Washington DC, making it a hazard zone, resulting in higher and stricter insurance requirements, and building codes. On the other hand the federal Emergency Management Agency (FEMA) granted the District more time to appeal the issue. Currently FEMA decided that they will wait until March 26th to finalize these maps, do to the fact that they received the letter from several city agencies complaining about the new boundaries. This new flood map will include several areas in Southwest DC including areas from the Lincoln Memorial to Fort McNair. These current new boundaries will also in Federal Triangle, and majority of the mall extending to Capital Hill's base.
If this new flood map is passed homes that fall within the Boundaries of the flood zone will be considered located in the 100- year flood zone. This would mean that these residents most likely would have to pay for flood insurance, and if you are thinking of building there are stricter codes in these areas. According to FEMA's spokesman Butch Kinerney, if this new flood map is passes residence within its boundaries that have federally backed mortgages from banks that are federally backed will be required to get federal flood insurance. The estimated annual cost that these patrons would have to pay for federal flood insurance is $600. There is however an exemption, if you currently own your property outright, or if it's a commercial or government property you will not have to pay for this flood insurance.
Builders who were considering some of these areas for potential projects will now have to begin construction above specific base flood levels, which can fluctuate in different areas. If this map proposal is passed it will also affect some current projects such as the: expansion of the Department of Commerce building, and the construction of the Smithsonian's National Museum of African American History and Culture, do to the fact that parts of these improvements will fall into the new hazard zones.
A little history about this new flood zone is that they were drawn after the U.S. Army Corps of Engineers made a report last year, which stated that the Potomac Park Levees were inadequate. These levees were designed to protect the Downtown area of the District from flooding of the Potomac river. They also said if these levies were revamped and brought up to today's standards the potential new flood zone would be reduced in size, minimizing the amount of residence who would need to invest in flood insurance.
