NOLA flood insurance premiums with & without elevation certificates

Well at least the crime rate is low there and you can send your kids to public schools.

I thought flood insurance was set by the government. Its all based on flood zones and elevation.

quote:

---

set by the government. Its all based on flood zones and elevation.

---

And what's crazy is one year you cannot be in a flood plain, and the next year, they change the maps and you are in a flood plain.

Crazy shite. I know some people that tried to sell their house and it was in a flood zone. They couldn't sell it because mortgage companies make it mandatory for you to buy flood insurance before lending the money to purchase the home. Buyers couldn't afford the note plus the premium, which was higher than the house note.

mine had went up to $2300, so I went and got a EC, and it showed that the builder had lied about the house elevation to the parish government. So I got no help out of doing that.

But the local city government did help out with a private insurance company. Dropped down to $1050.
Maybe you should call them:
Aundrea Allen - Safe Source Insurance 225 300 4500

Floodsmart.gov The official site of the National Flood Insurance Program

quote:

---

I can't seem to find average flood insurance rates by zip code

---

Because it is not dependent on zip code, it is dependent on how high above the Base Flood Elevation your bottom floor is.

$3K is right for no certificate or below BFE.
Get an EC and you could be $600 for full $250K coverage if you are above BFE.

Its a national program, so agents can't offer you a better deal, it just all depends on how high your bottom living floor is.

quote:

---

we got quoted $3,000/year premium

---

at 3.5% interest, that's $56,000 more in house you could have bought in a non-flood area

Had to have this debate with my realtor who wanted me to buy another house that was $30k more and in a flood area. She couldn't understand how I kept telling her that it's $70k more expensive than the other home.

quote:

---

She couldn't understand how I kept telling her that it's $70k more expensive than the other home.

---

It's more than even that, because you never get to STOP paying for flood insurance. So it's an expense that will never go away.


But, we are suckers because we are willfully buying in an area that floods.

Flood insurance through the NFIP is the same for everyone, so the only difference in premium would be the fees by your agent.

The high quote you are getting is the worse case scenario, where they look at the elevation for your area and list you as below it. The reason for the elevation certificate is to show your height as compared to the base flood elevation for your area. It has nothing to do with how high your piers are, it has to do with the elevation of your home compared to the base flood.
The certificate could help or hurt you, but it is usually worth the money. If it doesn't help you, you don't have to use that agent and policy, just go to another agent and don't show it to them.

The flood zones are based on risk and the probability of a 100 year flood event. There are spots in NOLA that although they are below sea level, don't require flood. The real issue is that with all the money FEMA has paid out throughout flooded areas across the country, they have decided to spread the risk out and increase their premium base by putting more people in flood zones.

The quote could only be from two insurance sources-NFIP or a private company like LLoyd's; that is why NFIP was developed. Private insurers are way more than NFIP.

Insurance in NOLA is expensive regardless, so if you were in an area that had flood water and property loss or there is an old certificate on file (agent had the prior owner's policy) you are probably going to pay high. It is the price you pay for the Katrina payouts and the poor infrastructure, etc., etc. etc.

So midcity is your safe and affordable neighborhood...