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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Redfin is now showing the First Street flood map as an overlay on their map feature. It's really insane. The map shows the rare 0.02% flooding disaster based on first street's doomsday guess. This will absolutely affect market value for a lot of homeowners based largely in fear mongering. [/quote]

It will and it should. For a very, very long time physical risks have not been priced into home values. We have the technology, so a potential buyer taking out a 30 year mortgage should be able to understand the physical risks that could impact their investment and the likelihood of those risks occurring over the life of their mortgage. Banks also want to know this. Insurers really want to know this and they are not using FEMA flood maps. They are using products like True Flood Risk and HazardHub. [/quote]

+1. There’s a great recent New Yorker article about this. It’s really concerning how old the data is— FEMA is mainly using data from the 1960s (or earlier) and the article says there are estimates that it’s missing more than 10 million properties that should be in “flood hazard” zone. So millions and millions of people are living in and buying and selling homes in a flood hazard zone and have no idea. Also the article talks about how a lot of people don’t understand the terms— a hundred year floodplain, for example, does not mean it will flood about once a hundred years— it’s actually an annual 1% chance. And even that they think is huge undercount in many cases— many should actually be “60 year” or even in some cases “8 year” plains— which is a far, far higher risk.  
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