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You don't have to live near water to become a flood victim. In
fact, everyone lives in a flood zone. It's just a matter of how
likely it is that a flood will hit your home. And unfortunately,
floods are the most common natural disaster.
Flood zones
are rated based on the "100-year flood" or the "500-year flood."
This is the standard used by most federal and state agencies,
is used by the National Flood Insurance Program (NFIP) as the
standard for floodplain management, and is used to determine the
need for flood insurance.
The "100-year
flood" zone means that the area's elevation has a 1% chance of
being equaled or exceeded by flooding each year, or a 26% chance
of suffering flood damage during the term of a 30-year mortgage.
The "500-year
flood" zone means that the area has a lower risk of flooding.
However, 25% of all flood insurance claims are from these areas.
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