Stephanie Coats, Keller Williams Realty, Represented Buyers in the Sale of a Springfield Home With Mandatory Flood Insurance

Stephanie Coats, a multi-million dollar producing agent for Keller Williams Realty, represents the buyers in the sale of a Springfield Home in a Flood Zone.

Eugene, OR, December 17, 2014 --( Stephanie Coats, a Keller Williams Realty agent who is in the process of expanding her team, represented the buyers in the sale of 2151 Daphne Street in Springfield, Oregon, which closed on December 15th 2014. This particular property is located in a flood zone, so Coats aided her buyers in the mandatory purchase of Flood Insurance.

2151 Daphne Street was originally listed at $180,000, and Coats’ buyers eventually settled on a $175,000 purchase price with the sellers of the home. The property features 3 bedrooms and 1 bathroom in its 1186 square feet, and it sits on a .17 acre lot. This home is served by Springfield School District 19, which includes Yolanda Elementary School, Briggs Middle School, and Thurston High School. It was built in 1963.

This home, like many in Lane County, is in a “high risk” location for flooding, therefore, it was mandatory for the buyers to purchase flood insurance.

According to the National Flood Insurance Program (NFIP), flooding is the most rampant and costly natural hazard in Oregon. It is a component in 90% of the nation’s disasters.

The NFIP created specific dates for each region in Oregon to help homeowners determine their flood insurance rates, coupled with a document called an Elevation Certificate. The various dates assigned to each region are called FIRM dates. Buildings constructed before these dates are considered to be pre-FIRM, and buildings constructed after these dates are considered to be post-FIRM.

The FIRM date in Springfield is September 27th, 1985, thus, 2151 Daphne Street (having been built in 1963) is considered pre-FIRM. With the knowledge that this property is pre-FIRM, an Elevation Certificate would be used to calculate the full risk rates on this home.

Since the implementation of the Homeowner’s Flood Insurance Affordability Act (HFIAA) in May 2014, the Elevation Certificate would not be necessary for rating pre-FIRM policies – just the full risk rates. Existing pre-FIRM policies may be assigned to new owners upon the sale of the home.

It is important for buyers to understand these policies before they purchase a home in a flood zone. Though the HFIAA now spreads cost increases over the entire flood insurance policy base, and gradual rates are increasing for pre-FIRM buildings like the home on Daphne Street, with the help of an agent, buyers and sellers can make simple retrofits to their properties which would significantly reduce future flood insurance costs.

Coats’ clients who bought 2151 Daphne Street went into the purchase prepared and equipped to handle the technicalities involved in buying a home in a high risk flood zone.

Stephanie Coats' team at Keller Williams Realty is a growing, full service real estate team specializing in the Eugene and Springfield area. The team is made up of Stephanie Coats, the primary listing agent, Bryon Crosby, a listing agent who also specializes in commercial properties, Eric Hayes, a buying agent, and Lauren Lebien, an executive assistant. Each member is focused on his and her own areas of concentration, resulting in a more precise and specialized service for each and every client.

Buyers and sellers can reach Coats at 541-554-9435.
Stephanie Coats - Keller Williams Realty
Stephanie Coats
541-349-2644 ext. 2644