I have a relative looking to buy, house in a flood zone, he asked via his agent "what is your present flood insurance cost? No one could get an answer- the seller never responded. who should know this?
On a $300,000 house in flood zone a2 how much is your flood ins???
, and has everyones insurance gone up after the rate increases on oct 1 or just people in real high risk zones?
How can you bid/offer on a house without knowing the flood insurance cost
Contact below. Hope this helps you out.
http://www.floodsmart.gov/floodsmart/pages/residential_coverage/understanding_the_basics.jsp
NN
07, 23 Key West, Twin 115 Yammys
“Coastal Bound”
Should be part of disclosure if you asked the Question
An As a Building Inspector are you sure its A2 and not AE something?
Woodfloats?
I have owned my house on James Island in a Flood Zone for over 13 years and have never seen my flood insurance go down. According to my agent, flood insurance is mandated by the fed. Think about it: when a Sandy or Katrina happens it’s not just the folks from LA or NJ paying for it. Everybody does. I have Allstate for my house and 3 vehicles and have been pretty happy with their service for my auto policy. Fortunately have not had to make a flood claim.
Narcosis
Check with a local insurance agent, but most likely an elevation certificate will have to be done to get a accurate cost. The changes in flood insurance policy will change the local housing market in a big way, pushing many people out of it, specifically older communities, prefirm at or below BFE. I bought my house last year and mine is going from $900 to $2500 for minimal coverage. Basically knowing what I know today, I would walk away from any house in the the flood plain built at ground level.
It will also make a difference if the current owner has a flood policy and what the zone on there policy is. Sometimes you can get grandfathered in also a elevation cert as said already is very very important. With the new changes this year things can get ugly, make sure you get all the information up front.
quote:
Originally posted by VodomagooIt will also make a difference if the current owner has a flood policy and what the zone on there policy is. Sometimes you can get grandfathered in also a elevation cert as said already is very very important. With the new changes this year things can get ugly, make sure you get all the information up front.
This is my understanding of the law change. There will be no more grandfathering period. The houses that were not above the flood zone if built before a certain date were given subsidized rates, that will no longer occur. You need to get an elevation certificate to be absolutely sure the finished floor is above the flood zone elevation or the flood insurance will be through the roof.
Additionally if you can prove the existing ground around the structure is above the flood zone you can get a letter of map amendment to exclude the house and the insurance rate will drop drastically.
It should be in the disclosure…but many people do not fill out the disclosures properly.
I would have them call their insurance agent to see what the cost of coverage would be.
The current owners may be ‘grandfathered’ into an older rate so it is irrelevant what they are currently paying.
They will also most likely need a new Elevation Certificate too. Flood insurance rates are supposedly increasing drastically next year.
Hope this helps a bit.
Scott Fulton
AgentOwned Realty
Scott.Fulton@AgentOwnedRealty.com
Keep in mind this can be stopped.
SO CALL YOUR LOCAL REPRESENTATIVES AND DEMAND SUPPORT TO DELAY THE BIGGERT WATERS ACT OF 2012.
We do elevation certificates all the time. A lot more now that the NFIP has reformed. It is correct that as of October 1 this year there is no more grandfathering of pre-FIRM houses. Everyone will be required to have an elevation certificate done to be able to acquire flood insurance. I have heard these policies are going up even more than stated by sand n suds. I am designing a house now and it is in a V Zone and there estimate for insurance was $15,000/yr. That is an extreme example, but it makes the point.
Your house is either in an “x” zone, AE-# zone or a VE-# zone. The # indicates the number of the BFE of that zone. In other words a home in a AE-11 had to have it’s finished floor has to be at elevation 12 or higher and any mechanical equipment, HVAC unit, duct work has to be at 11 or higher.
What is the address and I can tell you what zone it is in quickly.
I have mandatory flood insurance escrowed into my mortgage. I had an elevation cert done 4 years ago that showed my residence not being in the AE zone at all. I am paying 3200 per year and can get no relief from the imposed insurance. Any ideas what to do. I have paid out about 18000 in unnecessary insurance fees since the inception of this note that should have been applied to my principle and interest.
I have mandatory flood insurance escrowed into my mortgage. I had an elevation cert done 4 years ago that showed my residence not being in the AE zone at all. I am paying 3200 per year and can get no relief from the imposed insurance. Any ideas what to do. I have paid out about 18000 in unnecessary insurance fees since the inception of this note that should have been applied to my principle and interest.
Bucknfloat, did they tell you to try to get a LOMA for your proprty? That is a Letter of Map Admendment. It is something we have done if the existing grade of the property is higher than the BFE called out on the FIRM map.
PM me and i will send my number. I would be happy to discuss it with you and see if have any options. My wife is supposed to be admitted to start inducing labor Monday morning for another addition to the family so give me till the end of the week.