I know a little off topic but I need flood insurance I was told before I build, do most people use the fema flood insurance or private? Is it outrageous?
Fema is the only flood insurance available. It can be cheap and it can be $$$ all depends on location.
quote:
Originally posted by Grady18Fema is the only flood insurance available. It can be cheap and it can be $$$ all depends on location.
Ditto, and it won’t get cheaper in the future. Also, your regular homeowners insurance will be higher as well. Depending on where you are currently. Crazy stuff at the coast.
NN
07, 23 Key West, Twin 115 Yammys
“Coastal Bound”
They are correct. You need to find out what zone you are in before you build. $250k house in X is $400ish a year. In zone AE it is $1600+. Big difference. Call whoever has your homeowners and they can find everything out for . Might cost you $7 to get a quote. I don’t charge buy I know some agents do.
State Farm Agent
N Myrtle Beach
Thanks for the input. I am building on a lake in Virginia ,So far it appears the FEMA possibly may change my zone. I wouldn’t mind talking to the last post at State Farm about my townhouse in Murrells Inlet. You can PM me a number I will call you at renewal time.
I’m assuming you are in an AE zone? You will want to build 2 ft or higher above “base flood elevation”. This will make your flood premium approximately $450 yr (the lower you go, the more expensive it will get). If you’re in a VE zone, the flood insurance is going to be expensive (even a positive elevation will still be $3,000+), so you may want to think twice before building.
Pat Condon
“Carla Dee”
The map just says flood zone A and it runs through part of the house the other zone is C. The funny part is the lake is owned by the power company 5 ft around it which is the only part considered flood zone. My house will be 11 at basement and 21 first floor so its obviously a map mistake. The bank only does was what FEMA says so its a lengthy process to get it fixed.
If a piece of the property is zoned as A, it will be considered an A flood zone (have to use the more hazardous zone). Unless the A flood zone is the power company property and not yours… What’s the base flood elevation? Should say on the map. (For example may say A flood zone, BFE 12.)
Pat Condon
“Carla Dee”
263 is the elevation. basement is at 261 still way above what the (**() is … guess I just don’t understand…got my quote.$4950…I cant do that!!! Has anyone ever used a company called THE FLOOD INSURANCE AGENCY. The do it privately through Loyds of London… a lot cheaper but not reimbursed if a LOMA is granted
“The Flood Insurance Agency” is a private flood company (Lloyds program as you said). In the 70’s, after a few hurricanes, insurance carriers quit writing flood insurance, and FEMA started the NFIP (National Flood Insurance Program) so that homeowner’s could always get a flood insurance policy.
The private flood company is fine in my opinion–and I would go with it if there were substantial savings (and there will be)–but you need to take into acct they can quit writing flood insurance at any time, as they are a private company and have that right.
If they ever do, you will be forced to buy the expensive FEMA flood policy if you have a mortgage on the house. Just something to think about.
Pat Condon
“Carla Dee”
That was my concern too. I have learned a lot lately about the NFIP. It is clearly a racket. But what do you do? In theory its good, but wasn’t Obama care supposed to be? The government shouldn’t meddle in something that private business should be doing. Can you imagine if they were involved with your car insurance? The funny thing is a friend of mine had his parents house ruined by a flood a while ago… They agreed to cover it… But only if they built it back in the same place to there specs??? What the hell! Why not just pay them off and say build elsewhere and that land be used for ??? a parking lot or something… To build in the same spot seems a bit stupid to me since water was over the roof.