What’s the deal with flood insurance in Carova and Four Wheel Drive Areas?
Carova and Four Wheel Drive Areas
The areas of Carova and Four Wheel Drive Areas which have been designated by Congress under the Coastal Barrier Resources Act as a CBRA (COBRA) zone will be restricted or limited in capacity for federal assistance. Homes that were built or substantially improved upon after October 1, 1983 fall under this guideline. This includes Federal flood insurance offered by the NFIP (National Flood Insurance Program) and FEMA disaster relief assistance. Congress has designated this area as part of the Coastal Barrier Resources System and only Congress can revise the boundaries.
The entire 4WD area is a COBRA zone. This includes Swan Beach, North Swan Beach and Corova.
If you wish to purchase a home in the COBRA zone your lender may require that you carry flood insurance. Private insurance companies can provide a policy for you and your Realtor can assist you in finding one. However, private insurance can be pricey depending on the flood zone and base flood elevation of the home. As your local Outer Banks Realtor I can help you by providing you with information about the designated flood zone and base flood elevation of the home of which you are interested. As a general rule, the higher your home sits above the base flood the better the rate.
In addition to the flood insurance expense there are other things to consider. The homes in 4WD area are on a well system, and you can’t get cable only satellite for TV. It is a half an hour drive to the nearest grocery store, gas station for essentials. You are very isolated in this area and emergency services are limited. Helping you know what you’re getting into before you buy is what we do best at Buy the Beach Realty OBX.