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FEMA is the agency within the Department of Homeland Security that controls the National Flood Insurance Program.

Scott Van Hoff is the Flood Insurance specialist with FEMA. Real estate investors need to know, now more than ever, how to determine if a property is in a flood zone that will require flood insurance.
FEMA
FEMA stands for Federal Emergency Management Agency and is responsible for the National Flood Insurance Program, NFIP. Communities enroll in the FEMA which makes the NFIP available to its residents.

In exchange, the community agrees to actively manage new construction in the floodplain by not issuing building permits below the base flood elevation related to the 100 year floodplain. This agreement makes insurance available to people in the floodplain who would not be able to purchase flood insurance, and keeps additional people from building in an area likely to flood.
Flood Map Revisions
FEMA is required to periodically update the flood zone maps based on priorities set by Congress. The path of water changes due to natural causes such as erosion and development. And the mapping technology continues to improve, which provides for more accurate maps.

When a map is revised, and the property zone changes, from flood insurance being not required to required, it may not be realized by the seller. This scenario typically comes to light when a seller who has owned a property for many years and has either a private or no mortgage.

Unfortunately, this happens all the time. The seller does not know, and the real estate brokers do not ask, nor want to know. A buyer may assume, by omission, that the sellers information is correct. Then the bank provides a closing estimate the day before funding. On it you learn the requirement for Flood Insurance needed to close the loan.

You have invested all this time, and money into the purchase. Are you going to walk away from your earnest money?

To protect yourself from this scenario, check the FEMA Flood Maps in the beginning of your due diligence. It can save you a lot of time and money.