RI Real Estate Transactions Require Flood Insurance Addendum
The changes in the flood maps in 2013 in Rhode Island have had an impact on flood zones in RI coastal real estate. As residents of this ocean state, we love our waterfront and scenic properties. However, they now all come at a cost as flood plains have changed and been extended around and along the coast line.
In addition, homeowners who have lived in the highest risk flood zones ( AE and VE) for a long period of time and have no mortgages may not even carry flood insurance on their residences.
However, being unaware of this coverage is dangerous for any homeowner as losses from Hurricane Sandy have shown us in the past.