re: Buying Home - Potential Flood Insurance Worries

Let me answer some of these questions.

All properties in A, V, or AE zones will require a elevation certificate. If you're buying a property ask for the elevation certificate.
Now if it is in a X or B zone it won't need one. So if someone tells you they don't have one, don't be alarmed. Just call any agent that does flood insurance and ask for them to run an elevation determination. They should be able what zone it is in from that.

If you would buy a house in a current X zone, I'd say you'd be 85% fine. I just can't guarantee that it will remain that way because no one really knows. Most likely the land hasn't changed too much to make significant changes in the flood zones.

Major rate hikes are occurring for those who have flooded multiple times, are below base flood elevation, or those who are located outside levee systems. If you're high risk you're going to pay a high premium.

Flood is doing away with what was called pre-firm rates. Pre-firm means rates giving to an area before flood zoning. In the NOLA area flood zones weren't established until 1974, so everything prior to that was rated generically. Now FEMA wants specifics to rate each house, which is why they are demanding elevation certificates. Pre-firm policies are the ones that will see steep rate hikes.

My suggestion, look around. If it's on a slab in NOLA be wary. If it's raised it'll more than likely be okay.

If you were building a house I'd tell you that the target is 3 feet above based flood elevation. A real sweet spot for flood insurance, around 400-600 a year for max coverage (250k dwelling 100k contents). If it's 1 foot than base flood or higher you're going to be fine.