Flood zone
An area FEMA maps by flood risk. If a home with a federally backed loan is in a high-risk zone, flood insurance is usually required.
Also called: FEMA flood zone, special flood hazard area, SFHA, flood map
Related terms
A separate policy that covers flood damage, which regular homeowners insurance excludes. Lenders require it for federally backed loans on homes in high-risk flood zones; it is available through the NFIP or private insurers.
A document from a surveyor or engineer showing a building's height relative to expected flood levels. It can greatly affect flood insurance cost.
A policy covering the home and belongings against damage such as fire or wind, plus liability. Lenders require it before closing. Standard policies do not cover flood, and often not earthquake.
A form where the seller lists known problems with the property, such as leaks, repairs or defects. Requirements vary by state; a few states lean toward buyer-beware rules.