Are any of your properties located in a flood zone? You say there’s not a lake or river within 10 miles of your property so you probably shouldn’t worry about it? Then you have a little investigating to do. Homes that were once thought “flood proof” were are you covered for floodwashed away in Colorado with homeowners wondering if they’re covered.

Standard insurance policies cover water damage from burst pipes or a water heater, but depending upon where the property is located, not all water-related claims are covered, flood or no flood.

When you first bought the property, if you obtained financing from a bank, the bank researched a national database to see if your property is in fact located in a flood zone. The database is maintained and updated by the Federal Emergency Management Agency, or FEMA, and is tapped into thousands of times each day. This flood map is updated every ten years.

Properties don’t need to be near a river, lake or ocean to be in a flood zone. Just the location of a nearby creek or a ravine that surrounds a development might be prone to flooding. Most homes will not be listed in a flood zone but if the property does indicate the presence of a flood zone, you might need flood insurance.

A flood map is a type of survey and the flood line set by FEMA will be indicated on the map. If the flood line intersects anywhere with the physical structure, the bank will require flood insurance before placing a loan. Flood insurance is rather pricey depending upon the location of the flood line and property type.

Sometimes however a property can be located in a flood zone but a lender will not require a flood policy be in force. If the flood line simply intersects with the lot but not any structure, then the flood requirement will likely be waived. And if you do need flood insurance, until FEMA changes the map, any buyer of that property will have to purchase flood insurance, too.