Cost of San Mateo Home Ownership Will Soon Decrease

Flood Insurance Required for Homes in FEMA Flood Zones

When a home is in a FEMA designated “Flood Zone” home owners who have a mortgage loan are required to purchase flood insurance, which can be pretty expensive. But, if you can’t afford to pay cash for the house, it is the only way the lender will finance the property.

Several San Mateo Homes are in Designated Flood Zones

A lot of people don’t realize that many parts of the City of San Mateo are designated flood areas and require flood insurance. However, that may change soon!

Construction of New San Mateo Levees Over the Next Year

Back in July of 2009, 75% of San Mateo voters passed a $78/year fee assessed over 20 years to San Mateo homeowners to pay for the construction of new levees. The new levees will take San Mateo homes out of a designated flood zone. The construction is supposed to start in the Spring of 2010 and take about one year to complete.

FEMA Will Publish New Flood Map in 2010

FEMA is scheduled to publish a new flood map in 2010.

Will the Levees Be Constructed in Time?

Unfortunately the San Mateo levees won’t make the deadline to be considered for FEMA’s 2010 map as they are currently scheduled to be completed by the middle of 2011. However, when the levees are complete, it should eliminate the need for San Mateo homes to have flood insurance, which will be a huge savings for homeowners.

Considering Moving to San Mateo?

Flood insurance will soon be a thing of the past for many San Mateo homes. If you’re considering moving to San Mateo call us at (650) 655-2500 or email us at info@LivingWellinSanMateo.com to schedule a no obligation consultation. We’ll help you understand what these new levees mean to you and how they will help decrease the cost of San Mateo home ownership.

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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.