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Waterfront Property Owners - What Homeowners Do You Carry?
Posted on 6/16/15 at 5:38 pm
Posted on 6/16/15 at 5:38 pm
In the process of buying a waterfront home in SE Louisiana. Need to start shopping for the homeowners insurance. Any recommendations?
7
Posted on 6/16/15 at 6:24 pm to WPBTiger
Make sure you know the deductible for named storms (hurricanes and tropical storms). Some policies have a fixed amount (e.g. deductible = $2000) and some have % (e.g. 4 % of the insured value = the deductible, so a $150,000 home would have a $6000 deductible).
State Farm has one of the highest % deductibles.
State Farm has one of the highest % deductibles.
Posted on 6/16/15 at 7:07 pm to WPBTiger
Waterfront where? If it's gulffront you'll be stuck with Citizens.
Posted on 6/16/15 at 7:18 pm to WPBTiger
Call an independent agent and let them figure it out.
Define waterfront exactly and area
Define waterfront exactly and area
Posted on 6/16/15 at 8:14 pm to Chad504boy
quote:
Define waterfront exactly and area
Oak Harbor
Posted on 6/16/15 at 8:17 pm to WPBTiger
you are aware of what happened to oak harbor in Katrina, yes?
I would not be too optimistic about what your quotes are going to be
I would not be too optimistic about what your quotes are going to be
Posted on 6/16/15 at 8:22 pm to cgrand
quote:yes
you are aware of what happened to oak harbor in Katrina, yes?
Posted on 6/16/15 at 8:25 pm to WPBTiger
citizens will likely be your insurer then unless your agent is really good
Posted on 6/16/15 at 8:41 pm to WPBTiger
Pretty sure you'll have a few decent options
Posted on 6/16/15 at 9:19 pm to WPBTiger
more than likely to be stuck with citizens for wind/hail coverage. most if not all still in louisiana will not write wind/hail down there. nothing wrong with citizens other than its a tad more expensive. but, if thats a problem you probably shouldn't be buying on the waterfront anyways. other thing you need to worry about is what the flood insurance is going to run you. thats the one that will frick you raw in the arse....
Posted on 6/16/15 at 9:29 pm to HebertFest08
And max NFIP insurance available is $250k on structure and $100k in contents...
Posted on 6/16/15 at 9:33 pm to wickowick
yup... if you are under the listed flood elevation you will be paying any where from 1500-7000 a year in premium. thats what you really need to find out. that is unless you are building new and are putting in pilings.
Posted on 6/16/15 at 9:33 pm to WPBTiger
You have a copy of their flood elevation certificate?
Posted on 6/16/15 at 9:37 pm to Chad504boy
quote:
You have a copy of their flood elevation certificate?
if they have a current policy you can transfer it to a new owner.... doesn't mean you won't see increases though. if they don't have a flood policy and their elevation certificate is out of date you will probably have to get a new one done. ask whoever your agent is to look into it. but, you will need an elevation certificate. w/o one the rate is going to be close to 10k for 250k/100k in coverage.
Posted on 6/16/15 at 9:42 pm to HebertFest08
Elevation certs don't expire
Posted on 6/16/15 at 10:26 pm to Chad504boy
depending on the situation the gov't can and will require you to get a new elevation certificate... frickers are getting super stingy on their shite, you can get royally fricked if your property was remapped into a flood zone.
Posted on 6/17/15 at 6:25 am to WPBTiger
Mine is a condo, so its more complex than insurance on a regular house/camp.
I just switched the association from Citizens to Oklahoma Fire and Casualty through Hartwig Moss. The rates are reasonable at about $1k/yr/unit.
Flood insurance for the buildings is a mess right now because some units have enclosed rooms/garages on ground level and FEMA dropped our coverage and is re-rating us. We had to install vents in all garages and lower level rooms. Our agent thinks it will end up at about $400/unit for NFIP flood insurance. We were previously around $200/unit.
On my unit, I pay about an additional $1,100 combined for NFIP flood and Citizens homeowners.
The association/building portions are paid for in the dues, but it shakes out to $2,500/yr to insure my place.
I just switched the association from Citizens to Oklahoma Fire and Casualty through Hartwig Moss. The rates are reasonable at about $1k/yr/unit.
Flood insurance for the buildings is a mess right now because some units have enclosed rooms/garages on ground level and FEMA dropped our coverage and is re-rating us. We had to install vents in all garages and lower level rooms. Our agent thinks it will end up at about $400/unit for NFIP flood insurance. We were previously around $200/unit.
On my unit, I pay about an additional $1,100 combined for NFIP flood and Citizens homeowners.
The association/building portions are paid for in the dues, but it shakes out to $2,500/yr to insure my place.
Posted on 6/17/15 at 1:35 pm to Chad504boy
Flood zones change, BFE's (base flood elevation - not a country in north Africa) change, bench mark elevations change, vertical datums change.
Posted on 6/17/15 at 2:06 pm to dawg23
Yep,
our BFE changed with the last revision and our elevation went UP because the surveyor said he used GPS instead of an old benchmark.
our BFE changed with the last revision and our elevation went UP because the surveyor said he used GPS instead of an old benchmark.
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