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Started By
Message
Need Flood Insurance?
Posted on 4/26/16 at 2:47 pm
Posted on 4/26/16 at 2:47 pm
Just going to throw this out there.
I had a client buying a home that was going to need flood insurance. Federal flood insurance was going to be roughly $3,000 a year regardless due to rates being set by the government. That was going to blow the deal. Client is a retired catholic priest on a minimum church pension and what he can pick up on the side filling in at nearby churches. So, there's no way he could afford that.
I called around to a few private insurance agents. Johnson and Johnson is now offering private flood insurance underwritten by Lloyds of London.
Final price $408 a year with a $1,000 deductible and they don't require an elevation certification.
That's compared to $3,000 a year with a $10,000 deductible.
So, if you think your paying too much, it might be a good time to shop around.
I had a client buying a home that was going to need flood insurance. Federal flood insurance was going to be roughly $3,000 a year regardless due to rates being set by the government. That was going to blow the deal. Client is a retired catholic priest on a minimum church pension and what he can pick up on the side filling in at nearby churches. So, there's no way he could afford that.
I called around to a few private insurance agents. Johnson and Johnson is now offering private flood insurance underwritten by Lloyds of London.
Final price $408 a year with a $1,000 deductible and they don't require an elevation certification.
That's compared to $3,000 a year with a $10,000 deductible.
So, if you think your paying too much, it might be a good time to shop around.
7
Posted on 4/26/16 at 2:48 pm to PurpleandGold Motown
quote:
Client is a retired catholic priest
did it have a torture chamber?
Posted on 4/26/16 at 2:48 pm to PurpleandGold Motown
only for when your mom comes over
Posted on 4/26/16 at 2:48 pm to PurpleandGold Motown
Nice to know. I wonder how much flood insurance premiums differ for those who aren't in a flood zone like me 
Posted on 4/26/16 at 2:51 pm to PurpleandGold Motown
Where at Gulf coast maybe? It seems only local companies will insure down here for homeowners.
This post was edited on 4/26/16 at 2:52 pm
Posted on 4/26/16 at 2:58 pm to PurpleandGold Motown
Will the Lender accept the policy since it's private and not the federal program?
Posted on 4/26/16 at 3:01 pm to ForeverLSU02
quote:
Nice to know. I wonder how much flood insurance premiums differ for those who aren't in a flood zone like me
This
I only pay ~$400/year in Flood Zone C. Curious what it would be with them. Mine is due by the end of May
Posted on 4/26/16 at 3:01 pm to Wrestler171
quote:
Where at Gulf coast maybe? It seems only local companies will insure down here for homeowners.
I'm not sure about the Gulf Coast. This is in central Alabama (Alabaster specifically). They recently reclassified hundreds of homes as being in a flood plain and fricked over a bunch of homeowners.
Johnson and Johnson works specifically with independent insurers.
Johnson & Johnson
So, ask your agent if they know about the program.
* Far better coverage than the NFIP (See Attachment)
* Full value and matching NFIP limits available
* Quotes can be done quickly on the web -
less than 2 minutes!
Click here to login and access the rater
* No elevation certificates required
* Bind online, sign the app and upload payment!
Posted on 4/26/16 at 3:03 pm to Breaux
quote:
Will the Lender accept the policy since it's private and not the federal program?
Regions Bank did. Other lenders I've spoken said they would.
It's full replacement of dwelling and 56K in interior/personal property.
ETA: Never work with a bank to get a home loan. Wells Fargo, Regions, and pretty much any other bank I've worked always fricks something up at least twice and the have the most asinine policies and rarely notice they've screwed up until the very last minute -- as in after you've got the moving van packed.
This post was edited on 4/26/16 at 3:07 pm
Posted on 4/26/16 at 3:07 pm to PurpleandGold Motown
there are far more questions than answers at this very point to go around recommending to people to go get private flood insurance at the moment.
what's the priest going to do in 2 years if private flood flops, company cancels him and he's stuck with a home that has a NFIP flood premium he can't afford?
what's the priest going to do in 2 years if private flood flops, company cancels him and he's stuck with a home that has a NFIP flood premium he can't afford?
This post was edited on 4/26/16 at 3:09 pm
Posted on 4/26/16 at 3:09 pm to Chad504boy
I can't wait to see y'all try to mess with a Flood Insurance policy that doesn't even have an EC on file...
Caveat Emptor, folks. You always, always, always get what you pay for.
#PrepareThyAnoos
Caveat Emptor, folks. You always, always, always get what you pay for.
#PrepareThyAnoos
This post was edited on 4/26/16 at 3:10 pm
Posted on 4/26/16 at 3:12 pm to GFunk
also at the moment lots of people have grandfathered policies, its not known yet if you leave NFIP for PFA policy that you would be able to return to grandfathered policy rates.
Posted on 4/26/16 at 3:12 pm to Chad504boy
quote:
what's the priest going to do in 2 years if private flood flops, company cancels him and he's stuck with a home that has a NFIP flood premium he can't afford?
Well, it is underwritten by Lloyds of London, so they've been around for awhile -- centuries even.
Insurance isn't my area of expertise. I'm just saying it might be worth it to shop around. It was for my guy.
Posted on 4/26/16 at 3:14 pm to PurpleandGold Motown
quote:
Well, it is underwritten by Lloyds of London, so they've been around for awhile -- centuries even.
that means nothing. private flood has no obligations to not cancel clients whenever they want.
quote:
Insurance isn't my area of expertise.
yet here you are boasting about this insurance alternative.
Posted on 4/26/16 at 3:18 pm to Chad504boy
Went to the website and this is what I'm reading
I don't see where they quote flood
quote:
Excess Flood: Our program is especially designed for owners of properties already carrying the maximum covreage available under the National Flood Insurance Program. Our simplistic underwriting structure, generous limits, and quick claims processing make this the coverage to beat!
I don't see where they quote flood
Posted on 4/26/16 at 3:20 pm to Breaux
quote:
Will the Lender accept the policy since it's private and not the federal program?
My guess is they will since it is written on Lloyd's paper.
Posted on 4/26/16 at 3:22 pm to Chad504boy
You'll lose your grandfather if you leave the private market and want to return to the NFIP.
Posted on 4/26/16 at 3:22 pm to Chad504boy
quote:
not cancel clients whenever they want
There are state guidelines that govern insurance cancellations. In most instances it is not possible to cancel a policy after a certain number of days (30, 60, it depends) unless there was a material misrepresentation of the risk. They can non-renew at the end of the term, but just dumping someone can't be done unless they lied in order to secure the coverage.
Posted on 4/26/16 at 3:24 pm to Chad504boy
quote:
Chad504boy
quote:
also at the moment lots of people have grandfathered policies, its not known yet if you leave NFIP for PFA policy that you would be able to return to grandfathered policy rates.
The NFIP is 24 billion in the red. They're not going backwards with flood rates. They will reach full actuarial cost sooner rather than later.
Posted on 4/26/16 at 3:24 pm to Shadowlink
quote:
I don't see where they quote flood
Might not be up yet. It's a new program. Client was going through ALFA, that's where he got the $3,000 quote. I normally let the client and lender worry about their insurance. But this man being a long time friend, I made a call to the owner of an insurance company that's also a family friend and he recommended this program and got a substantially better rate. He has worked with this company for years and he's never led me astray before. I was just happy to be able to help my client get a home close to his family.
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