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Started By
Message
Need some advice on flood insurance
Posted on 4/25/16 at 8:26 pm
Posted on 4/25/16 at 8:26 pm
Bought a house last January 2015 in an AE flood zone in Central. I thought the flood insurance would be 100 a month, But it turns out that the Escrow was short last year. So it was 150/ month
I got a FEMA letter saying it's going up again
The house was built in the early 80s and has never flooded, hardly even the yard during the biggest floods per any of the neighbors
There has never been a flood elevation survey done. If I get one, how does it factor toward the elevation. For example if it's even with the base flood at 63', does it go down for me ? Half the monthly amount ?
State Farm said they can't even answer it
Thanks
I got a FEMA letter saying it's going up again
The house was built in the early 80s and has never flooded, hardly even the yard during the biggest floods per any of the neighbors
There has never been a flood elevation survey done. If I get one, how does it factor toward the elevation. For example if it's even with the base flood at 63', does it go down for me ? Half the monthly amount ?
State Farm said they can't even answer it
Thanks
This post was edited on 4/25/16 at 8:27 pm
3
Posted on 4/25/16 at 8:57 pm to lsufan112001
You want to be at least one foot or higher from the base flood elevation, the higher the better. Flood rates are going up yearly and you will also pay a $25 annual surcharge.
Posted on 4/25/16 at 9:00 pm to lsufan112001
Central has some new flood maps going into effect in July I think. Many homes are being removed. Look into it
Posted on 4/25/16 at 9:21 pm to HeadyMurphey
What if I'm even with the base flood ?
Posted on 4/25/16 at 10:28 pm to lsufan112001
quote:If the house was built in the early 80s I'm honestly surprised there was never an elevation certificate. Unless you were shifted from another zone to an AE. None the less you need a quote, any quote I've done has the prices at different elevations and prices with different deductibles. Everything's NFIP so it shouldn't matter where it comes from. If you need someone to email you the quote so you can get an answer let me know. It takes 5 minutes.
There has never been a flood elevation survey done. If I get one, how does it factor toward the elevation. For example if it's even with the base flood at 63', does it go down for me ? Half the monthly amount ?
State Farm said they can't even answer it
Posted on 4/25/16 at 10:45 pm to Shadowlink
quote:
Everything's NFIP
Not true. There's a private market flood product.
Posted on 4/26/16 at 7:01 am to Shadowlink
Paul,
so you sell flood insurance is what you're saying?
so you sell flood insurance is what you're saying?
Posted on 4/26/16 at 7:03 am to lsufan112001
I don't, but I know several folks in the industry, especially surveyors and engineers.
Posted on 4/26/16 at 7:15 am to Paul Allen
quote:
Not true. There's a private market flood product.
It was my understanding that this is correct, but it is a specialised product that is sold to higher end consumers.
Posted on 4/26/16 at 7:21 am to Paul Allen
quote:you're right. Totally forgot about it in all honesty. You have a private market, but it's not that common. Then you have a product for excess flood when your needs exceed the government maximum of 250k 100k.
Not true. There's a private market flood product.
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