Flood Factor was created by the First Street Foundation, a nonprofit research firm that aims to make up-to-date flood risk information available to private citizens — homebuyers — rather than commercial interests.
- Whether the residence is in a flood zone map
- The proportion of homes in the area at risk of flooding
- Projected flood risk this year, in 15 years and 30 years
Clark says the key to buying flood insurance is whether it makes financial sense for you.
"For me, it's relatively inexpensive at a few hundred dollars a year for $25,000 in coverage," Clark says. "But if you are in a flood zone, it can be extremely expensive, although a policy can cover a quarter-million dollars in damage to your home."
As for Flood Factor, Clark says this free tool is very helpful, but you should read its methodology to make sure you agree with it. If you do, Clark says the site can be a great way to educate yourself about your property or one you're considering buying.