Realtor.com® Flood Risk Data Tool
Louisiana REALTORS • September 14, 2020
For REALTORS®, more knowledge is more power.
Realtor.com® recently released a new tool on its platform - an addition that enables you to see the flood risk of both for-sale and off-market properties. The tool combines data from the Federal Emergency Management Agency (FEMA) and the First Street Foundation's Flood Factor™
feature to produce a risk score ranging from 1 (minimal risk) to 10 (extreme risk) and an indication of whether that risk is increasing, decreasing or constant over the next 30 years.
This new tool allows REALTORS® to:
In addition, a graph shows the cumulative risk of flooding for a property over the typical 30-year period of ownership, along with the FEMA-categorized flood zone for the property, and whether flood insurance is required.
This information can be used by REALTORS® to provide additional context, guidance and insights to your buying and selling clients.
This new tool allows REALTORS® to:
- Make this risk an early part of the home search discussion.
- Enable buyers to factor this risk into their evaluation of a property.
- Incentivize owners to make necessary home improvements to mitigate flood risk.
- Help buyers and owners ensure they have adequate insurance coverage.
- Reduce the likelihood that a home sale is derailed by unexpected flood risk information late into a transaction.
Here's how the data from both sources (FEMA and Flood Factor™) will work together to help you as a trusted REALTOR®:
| Flood Factor™ | FEMA |
|---|---|
| Provides accurate, property-level flood risk information | Provides detailed, community-wide flood risk information |
| Incorporates current and future environmental changes | Maps the 100-year flood zone and indicates whether a property is "in or out" of this zone |
| Maps multiple flood zones and risk levels | Does not provide information specific to individual properties |
| Includes more flood scores, such as heavy rainfall | Based on site-specific, engineering studies, but limited to two risks (riverine and storm surge) |
| Nationwide coverage and updated quarterly | Used by community regulators, banks and lenders |
| Assesses historic flood patterns and projects future risk | Assesses historic flood patterns |
Check out these helpful NAR resources:
- Is My Home in a Flood Zone?
- Don't Fear Flood Data; Here's How It Helps Clients
- Pivot in Place (a 3-minute video of NAR's 2020 VP of Association Affairs discussing the new feature)
From the Louisiana Department of Insurance: Insurance Commissioner Tim Temple joined Governor Jeff Landry and Senate Insurance Committee Chairman Kirk Talbot today to announce that Louisiana is investing an additional $20 million in Fortified homes, bringing the total amount invested in state Fortified projects this year to $100 million. Governor Landry announced that $20 million from the U.S. Department of Housing and Urban Development will be transferred to the Louisiana Office of Community Development Restore Resilient Opportunities for Overhead Fortification (Restore ROOF) program to strengthen residential structures and reduce long-term disaster risk. Earlier this year, the Legislature passed a bill that allows $50 million in additional Katrina and Rita bond money from Louisiana Citizens Property Insurance Corporation to be added to the Department of Insurance’s Louisiana Fortify Homes Program (LFHP). Also beginning this year, LFHP is projected to receive approximately $30 million annually from taxes and fees the Louisiana Department of Insurance collects from the insurance industry. “Building stronger homes is a vital part of making homeowners insurance affordable in Louisiana,” said Commissioner Temple. “I appreciate Governor Landry’s leadership and support as we work with legislators like Chairman Talbot to make Louisiana a national leader in the adoption of Fortified roofs.” The Louisiana Department of Insurance (LDI) has finalized its promulgation of Regulation 136—Fortify Homes Premium Discounts. The purpose of Regulation 136 is to implement the statutory provisions set forth in La. R.S. 22:1483, et seq. , which require that all Louisiana property and casualty insurers provide premium discounts or insurance rate reductions for homes constructed or upgraded in accordance with the fortified standards created by the Insurance Institute for Business and Home Safety. View Regulation 136 here .
Program Partners
Learn about common risks as a real estate agent and tips to stay safe during home showings.
