I saw a 15 units Multifamily that is nearby a creek. I presume that its in a flood zone. How do I know whether the property is in flood zone ? If it is, how much the extra premium usually is ?
No I am not. Flood zones are everywhere.
your lender will require a flood insurance if in a flood zone. If the seller has a loan they will be required to carry it and you will most likely take over this policy on acq. An insurance agent can determine if you are in the flood zone. Flood costs are determined based off elevation certificates of each building. THis will tell you how far above or below the flood zone you are. Costs can very from 650/bldg to 30K. so the eleveation cert is the key.